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Maximizing and satisficing

I am reading a book recommended by a blogger who writes about shopping, of all things. The book is The Paradox of Choice. The message is primarily that most of us have too many choices, that the ever-enlarging array of choices available to us, in life, in shopping, in education, in everything, ultimately can make us less happy than we are with fewer choices. I suspect that many of us have come to this conclusion intuitively.

Initially I thought the book was a bit lightweight. It isn't a large book and it is written simply, and the first few chapters tended to offer generalizations without much documentation. I kept noticing what was left out, how some different angles might get different results. But as I got farther into the book - I'm not done yet but well over half-way - I became convinced that this book is important.

Never mind that it uses the term "satisficing". I tend to object to made-up words because there are so many words out there now that there is bound to be one or two that already do what the new one is supposed to do. In this case the made-up word is "satisficing", a word that apparently combines "satisfying" and "sacrificing", although because it was made up by someone else several years ago I don't know for sure. Well, heck, I can find out.

Wikipedia says:

The word satisfice was coined by Herbert Simon. Simon pointed out that human beings lack the cognitive resources to maximize: we usually do not know the relevant probabilities of outcomes, we can rarely evaluate all outcomes with sufficient precision, and our memories are weak and unreliable. A more realistic approach to rationality takes into account these limitations: This is called bounded rationality.



Never mind about the origin. I might actually have to read one of Simon's books to find out the specific origins of the word. It's not important.

In the choices we make in our lives, we are either primarily "maximizers" or "satisficers". Maximizers try to find the very best; satisficers determine the minimum requirements that must be met, look for that and if they find it they are satisfied. In most of my decisions I am a satisficer. I like to do the research but once I find a satisfactory choice I don't worry much that there will be a slightly better one just down the road. Some people consider satisficers "settlers" but that isn't correct. We aren't settling for less than we want.

The other day I set out to get a new cell phone. The one I had was beaten up, had poor quality sound, and produced photographs that were not too good. I had talked to Mary about her new phone and learned that she had a Motorola Razr. I looked that one up and it looked like a good option for me. I went to the cell phone store.

In the middle of the selection of phones was a Razr. I said yes to it. I came home happy. To get the $50 discount on the phone I had to sign another two-year contract, which was fine with me. It turned out that the plan I have is an excellent one and really did not need any modifications at this time.

Mary called me. I told her about the new phone. She said she had just gotten another new one because she had lost the other one. She asked what mine looked like.

"Grey," I said.

"Mine's grey, too," she said, "with a dragon."

"I don't have a dragon," I said, thinking. In a flash I had decided that Mary had the latest version while I was stuck - for two years - with an out-of-date model that had been foisted on me. I had a pang of regret that I had not looked further into it. I imagined that Mary's phone had features that mine doesn't and I wanted more. Keep in mind that I didn't actually know that this was the case.

The point of this story is that sometimes I fall into maximizer mode. I had a phone that did what I wanted. Even better than I expected, actually. Yet I started to feel bad about my choice when I compared it to Mary's. And it may well be that the only thing my phone doesn't have that hers does is a dragon. I don't care about dragons.

This book goes well beyond such ruminations. I expect I will write more about it later. What I am finding especially interesting is that I had already come to a lot of the conclusions in it and that I already behave in a manner that is appropriate when faced with choices. With the occasional slip.

Comments

( 7 comments — Leave a comment )
the_fantum
Mar. 22nd, 2007 05:03 pm (UTC)
.. the cell phone is a great example of the choices we are given every day: keeping up with the neighbors, or demanding only what we need .. and often it becomes a case of "demanding"

My own cell phone is case-in-point. When I was once again able to consider a cell phone, I did not want photos, texting and music. I wanted a phone. You dial the number of your friends and if they are available you talk to them. Your friends call you and if you are available they talk to you .. no voicemail, no call waiting (a busy signal is a sure sign that you are occupied, and diverting your attention from someone you are talking to is just rude)

Just give me a phone, damn it!

Yes I found one .. very old school, but it does exactly what I need .. and doesn't consume my resources by presenting me with more possibilities. My life is as busy as I want it to be :)

So .. is this a book recommendation? I'm about to do the Coastal Starlight to Fresno ..
judith
Mar. 22nd, 2007 05:51 pm (UTC)
Yes, this is a book recommendation!

I just finished it this morning and want to think a little more before doing a complete review. What I found interesting is that over the years I have made some changes in the way I live my life that actually make sense. So some of the discussion in the book is where I have already been. But it's still gratifying to read it. There are subtopics in there, too, that bear thinking about.

I was just thinking of trains! The Coast Starlight to Santa Barbara, actually. How can that one go to Fresno?
the_fantum
Mar. 22nd, 2007 05:57 pm (UTC)
.. hehe .. actually you have to switch to CalTran in Sacramento, or Martinesville, or .. another town I can't remember right now :)

judith
Mar. 22nd, 2007 11:10 pm (UTC)
Well all right. That explains it.
(Anonymous)
Mar. 22nd, 2007 08:46 pm (UTC)
My phone has a picture of a cute little dog on it.
-Elaine
judith
Mar. 22nd, 2007 11:09 pm (UTC)
On the phone itself?? Not the wallpaper??
(Anonymous)
Mar. 23rd, 2007 06:25 pm (UTC)
Maximizing and satisficing
Hey Judith, this is Sara. I'm so glad you enjoyed The Paradox of Choice!

I find that in most cases, I too am a satisficer. When I told this to my boyfriend, he was immediately offended - was I "settling" on him?

These two tendencies can be seen in every choice we make, including choice of partner. But you're right, it's not about settling or "just dealing" or taking the easy route. Satisficing is about not regretting or wasting time wondering if your choices are the best. I think it's a much healthier way to live one's life.
( 7 comments — Leave a comment )

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