Concept

Maximization (psychology)

Résumé
Maximization is a style of decision-making characterized by seeking the best option through an exhaustive search through alternatives. It is contrasted with satisficing, in which individuals evaluate options until they find one that is "good enough". Definition The distinction between "maximizing" and "satisficing" was first made by Herbert A. Simon in 1956. Simon noted that although fields like economics posited maximization or "optimizing" as the rational method of making decisions, humans often lack the cognitive resources or the environmental affordances to maximize. Simon instead formulated an approach known as bounded rationality, which he also referred to as satisficing. This approach was taken to be adaptive and, indeed, necessary, given our cognitive limitations. Thus, satisficing was taken to be a universal of human cognition. Although Simon's work on bounded rationality was influential and can be seen as the origin of behavioral economics, the distinction betwee
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