Satisficing

Satisficing is a combination of two words- satisfy & suffice.

It is a decision-making strategy that entails searching through the available options until an acceptability threshold is met. This is contrasted with optimal decision making, an approach that specifically attempts to find the best option available. Satisficing explains the behaviour of decision makers around circumstances in which an optimal solution cannot be determined. Most of us cannot evaluate all outcomes with sufficient precision & possess only limited memory.Satisficing  is a better option as it works within a bounded rationality.

Humans in shopping mode, aspire to something that they find acceptable, although they may not be optimal. Whereas economic man maximises, selects the best alternative from among all those available to him, his cousin, administrative man, satisfices, looks for a course of action that is satisfactory or good enough. Administrative man can make decisions with relatively simple rules of thumb that do not make impossible demands upon his capacity for thought.

Economic man wants to use information before deciding a purchase but over- information creates a poverty of attention & generally the administrative man takes over.