Definitions (3)

1.General: Aiming to achieve only satisfactory results because the satisfactory position is familiar, hassle-free, and secure, whereas aiming for the best-achievable result would call for costs, effort, and incurring of risks.
2.Decision making: Examining alternatives until a practical (most obvious, attainable, and reasonable) solution with adequate level of acceptability is found, and stopping the search there instead of looking for the best-possible (optimum) solution.
3.Marketing: Concept that consumers are inclined more toward satisfactory decisions instead of the 'best' decisions due to lack of (1) information, (2) information processing ability, and (3) time to do all that for every purchase decision. The term was coined by the US Nobel-laureate economist Herbert Simon (1916-2001) in his 1982 book 'Models Of Bounded Rationality And Other Topics In Economics.' See also bounded rationality and optimization.

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