The adoption of satisficing models instead of maximizing models of behaviour has been found useful in the theory of the firm and corporate behaviour. For example, to maximize its profits a firm needs complete information about its costs and revenues, which in practice is available only after the event. Satisficing models replace the search for the optimum outcome, which may be unattainable, with rules of thumb and compromises which work well enough. See also BOUNDED RATIONALITY; ORGANIZATION THEORY.
"satisficing." A Dictionary of Sociology. . Encyclopedia.com. (October 22, 2018). http://www.encyclopedia.com/social-sciences/dictionaries-thesauruses-pictures-and-press-releases/satisficing
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