Social entrepreneurship through cultural heritage-CHEER - EN

Simon (1957) advanced the concept of bounded rationality where the decision maker has limited information, time and intellectual ability to make a decision. Instead, the decision-maker work with limited and simplified knowledge, to reach acceptable, compromise choices (‘satisficing’),rather than pursue ‘maximizing’ or ‘optimizing’ strategies in which one particular objective is fully achieved.ⁱ This approach to decision making involves choosing the first alternative that satisfies minimal standards of acceptability without exploring all possibilities.ⁱⁱ The word “satisficing” goes contrary to the notion of optimization.