Heuristic of the Day: Satisficing

Time is our most precious resource. What is the true cost of saving #time?

Satisficing often leads humans to settle for the first option that meets their minimum requirements rather than taking the time to identify the optimal choice. When operating under the influence of Satisficing, a consumer will select the product or service they need, even if it may not be the best option on the market, or if it lacks benefits other products contain.?

Choosing the option with maximum utility out of known choices is faster and much less energy-intensive, which could have benefitted our ancestors. While there might be bigger and better-tasting berries elsewhere in the forest, it is much more practical to collect the ripe berries in front of you.

While Satisficing can be a useful way of making decisions when time is short, it can also lead to suboptimal outcomes. Because the nature of satisfying is making a decision and moving on after a certain satisfactory threshold, it can often lead to settling for something less than you might desire or deserve.?

Tip: The best way to avoid settling for something that will lead to regret later on is to ensure that the most essential factors in a decision are considered before making one. If there are aspects of a product that are absolutely necessary for your purposes, then making sure to keep them in mind when going about the shopping process is key.?

Read more about Satisficing at the Heuristics Science Insitute: https://newristics.com/heuristics-biases/satisficing

#Behavioralscience #Behavioralinsights #pyschology #cognitivescience #productivity