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What Is Satisficing In Behavioral Economics?

Satisficing is a decision-making strategy in which people choose the first option that meets their minimum criteria, rather than continuing to search for the optimal solution. This means that people may settle for a solution that is good enough, rather than continuing to search for a better one. Satisficing is often used when people face time or resource constraints, or when they are overwhelmed by the number of options available.

Satisficing can be a useful strategy in some situations, as it can help people to make decisions quickly and efficiently. However, it can also lead to suboptimal outcomes, as people may settle for a solution that is not the best possible option. To avoid this, it is important to carefully consider the criteria that are used to evaluate potential solutions, and to continue searching for better options until all of the criteria are met.

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