Tag Archives: decision making

Satisficing

First introducing the term in 1947, and developing it more fully in 1956, Herbert Simon used the portmanteau satisficing, to express the fact that human decision making will always be less than optimal. To refresh your memory, a portmanteau is … Continue reading

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Instant gratification

If you offer a child the choice between having one cookie today or two cookies tomorrow, chances are the child will select to have one cookie today. However, if you offer the child a choice between having one cookie one … Continue reading

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