Simon’s bounded rationality , the first scientific research program to seriously take the cognitive limitations of decision makers into account, has often been conflated with his more restricted concept of satisficing—choosing an alternative that meets or exceeds specified criteria, but that is not guaranteed to be unique or in any sense “the best.” Proponents of optimization often dismiss bounded rationality out of hand with the following “hallway syllogism” : bounded rationality “boils down to” satisficing; satisficing is “simply” a theory of (...) search for alternatives that takes into account the costs of computation. Hence, bounded rationality is “just a minor tweak” on optimal search theory. (shrink)