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- W1977088429 abstract "The purpose of this paper is to offer a new theoretical rationale for satisficing behavior. The theory developed here is, in principle, applicable to all forms of economic behavior, although attention in this paper is restricted to satisficing on the part of business firms. The basic approach is to incorporate a needs-based theory of motivation into the managerial objective function. The model that is developed shows that a firm will seek to maximize profit until sufficient profit is earned to satisfy the survival needs of the management of the firm, but beyond this point profit is sacrificed for the attainment of other higher order needs. The attractive features of this approach are that it generates satisficing behavior within a traditional utility maximizing framework, leads to testable hypotheses concerning under what conditions satisficing will occur, and provides a rationale for satisficing that blunts much of the previous criticism of the concept. The model is also explicitly “behavioral” in that it integrates psychological concepts and processes into economic theory." @default.
- W1977088429 created "2016-06-24" @default.
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- W1977088429 date "1990-03-01" @default.
- W1977088429 modified "2023-10-03" @default.
- W1977088429 title "A new theory of satisficing" @default.
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- W1977088429 doi "https://doi.org/10.1016/0090-5720(90)90016-z" @default.
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