“Saticficing” in the home buying process
In his 1982 book “Models Of Bounded Rationality And Other Topics In Economics” Nobel-laureate economist Herbert Simon (1916-2001) coined the term Saticficing. With this hybrid term , a combination of satisfy and suffice, professor Simon describes a process consumers use to make decisions. According to this concept consumers (and all humans really) are predisposed towards making satisfactory decisions instead of the “best” possible ones mainly for three reasons: They don
