To choose the first solution available is the essence of:
A) bounded rationality
B) creativity
C) decision maximisation
D) satisficing
E) the neoclassical model of decision making.

Question

Quizplus · Accepted Answer

Satisficing is the concept of selecting the first solution that meets the minimum requirements or criteria. This approach is often taken under time pressure, limited information, or cognitive limitations, as it balances the cost and benefit of continued search or analysis. Therefore, choosing the first solution available aligns with the satisficing approach, which is different from decision maximisation that aims to find the optimal or best solution and from bounded rationality that acknowledges the constraints of human cognition and information processing. Creativity involves generating novel or unconventional ideas, while the neoclassical model of decision making assumes rationality, perfect information, and self-interest maximisation, which is rarely achievable in reality.

To Choose the First Solution Available Is the Essence Of