Maximizing Vs. Satisficing – What is good enough?

Maximizing Vs Satisfycing

To maximize or satisfice, that is the question. Or at least it is one that people face on a regular basis without necessarily be aware that they are facing. It basically means that, when making decisions, we need to consider what “good enough” is and how much effort it’s worth putting into the decision making process.

Let’s explore:

Maximizing

Maximizing involves seeking the best possible outcome in any situation or in relation to any specific decision. This is about finding the optimal outcome.

Implicitly entwined in the decision to maximize an outcome is a corollary decision that infinite search costs are acceptable. Since we “need” the best outcome, it makes sense to spend a lot of time and effort finding that best outcome.

Satisficing

Firstly, satisfycing is a portmanteau of “satisfy” and ‘suffice’. It basically means to sufficently satisfy, which we translate as meaning to find a solution or outcome that is good enough for the context that we are on. 

Implicitly acknowledged in a satisficing approach is that searching for solutions has a cost associated with it, and that it’s not worth spending too much time on search and the marginal gains on doing so are diminishing.

Which is best?

There’s no real answer to this. And, to be honest, they’re not a binary pair anyway. What it means to satisfice is a spectrum from exerting no search costs all the way to maximizing really.

What is best is going to be what is appropriate for the situation and context that you’re in. When desigining an o-ring for a space shuttle, maximizing is probablythe right thing to do. However, when it comes to choosing which of the 27 varieties of tomatoes available in the supermarket you want to actually buy, low end satisficing is probably the right thing to do.

Why else might we care?

One of the reason’s we are interested in this topic is because there are links between satisiycing and maximizing our happiness and wellbeing.

Individuals who default more to maximizing often experience increased anxiety and decision paralysis due to the overwhelming number of choices and the high expectations set for the outcomes. This is basically true for all kinds of “all or nothing” type thinking.

Individuals who strive instead to satisfice typically experience higher satisfaction in their choices and less regret. This is because satisficers spend less time and mental energy on decision-making, leading to quicker, satisfactory results and a greater overall sense of well-being.

It might also be worth exploring bounded rationality and choice arcitecture, as well as dual process theory could be of interest, as could our cognitive biases.

We think that maximizing is related to procrastination and musterbation, and that our desire to maximize is similar to our desire to solve problems outside of our circle of influence. 

If you’re thinking about changing your behaviours so that you maximize less, you might enjoy this lovely poem. Also, if you’re looking for more inspiration and provocation about happiness, these quotes on happiness might be fun. 

Lastly, if you’re curious about how people try and influence your decisions, then this podcast on consumer behaviour change might be interesting:

We love all this stuff.

Our time and attention are limited, they are precious and we shouldn’t let them be taken for granted. To this end, learning when to satifice is a great skill in life.

We also think that, in many instances, gaining separation or detatchment from outcomes is helpful for our wellbeing. In speaking about what leads to his own great happiness, the philosopher Jiddu Krishnamurti said, “You see, the secret is I don’t really care what happens”. There is something to be said for stepping away from maximizing and just accepting what happens.

Also, more pragmatically, there are real costs to making decisions in a work context. Sometimes it’s better to reduce those costs, give it a go (whatever it is) and then just learn and improve from there.

Herbert A. Simon. “Rational choice and the structure of the environment.” Psychological Review, 63(2), 129-138 (1956).

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