satisfice

vb. to choose an option that meets the requirements of a particular situation but that may not be the optimal choice when considered in the abstract. In economics, the hypothesis of satisficing behavior proposes that, given the constraints of bounded rationality, economic agents seek a level of profit or utility that they find satisfactory rather than one that is optimal. [coined by Herbert A. Simon as a blend of satisfy and suffice]

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Psychology term of the day

January 13th 2025

genetic psychology

the study of the development of mental functions in children and their transformation across the lifespan. In the 19th and early 20th centuries, the term was preferred over the synonymous developmental psychology.