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It is not the case that Simon's original bounded rationality thesis holds that satisficing replaces optimization, not merely constrains it.
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Reason for
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1.
Satisficing can be reformulated as optimization over a utility function that includes effort costs, making the distinction merely semantic.
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2.
Simon's own later work moved toward ecological rationality, suggesting satisficing may constrain rather than replace optimization.
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3.
Without specifying what makes a choice 'adequate,' satisficing lacks falsifiability and predictive power that optimization provides.
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Reasons Against
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Reason against
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1.
Satisficing is fundamentally different from constrained optimization: it stops at adequacy rather than seeking maximum utility.
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2.
Empirical evidence shows people use simple heuristics that cannot be rationalized as optimization under any reasonable cost function.
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3.
If satisficing merely constrained optimization, the constraint itself would need justification—creating infinite regress problems.
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