satisficing

Definitions

Economics

  • noun a situation or policy of making satisfactory profits and maintaining an acceptable market share rather than of maximising profits at all costs

Health Economics

  • (written as Satisficing)
    A version of bounded rationality. Satisficing is behaviour that attempts to achieve a minimum level of a particular objective, but not to maximize it. It has been commonly used in analysing the behaviour of firms (including hospitals), where profit, instead of being the maximand is a constraint that has to be achieved but, once achieved, enable managers also to choose other goals.
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