satisficing
Decision strategy of choosing the first option that meets a minimum acceptable threshold rather than finding the optimal solution. Central to Simon's model of practical human and agent decision-making.
1 milestone
Herbert A. Simon Awarded Nobel Memorial Prize in Economic Sciences for Bounded Rationality
In 1978, Herbert A. Simon of Carnegie Mellon University received the Nobel Memorial Prize in Economic Sciences for his theory of bounded rationality, which holds that human decision-making seeks satisfactory rather than optimal solutions owing to cognitive and informational constraints.