The rationality of satisficing in the context of choice overload

The aim of this thesis is to present the concept of “satisficing”, developed by the psychologist Herbert Simon, as a rational, and the best, strategy to the paralysis provoked by the overload of choice. The last concept is what the psychologist Barry Schwartz called the “Paradox of Choice”. The main idea is that: the more alternatives are added to a choice, the more difficult it becomes for the decision maker to actually choose one, with the result of ending up in a state of paralysis. In the modern world we are constantly subjected to choices and surrounded by alternatives, the phenomenon of paralysis becomes something we experience on a daily basis. With this condition in mind, this thesis proposes a rethinking of the way in which the decision-making process is shaped, at least in the context of choice overload. The aim is to define what is rational to do in these cases, within the cognitive limitations of the human mind. This work will present: an introduction on heuristics; an analysis of the shape of the utility function of the alternatives in question and the impact of the disutility of time on it; and finally some strategies that the decision maker can adopt to overcome the state of paralysis. In conclusion, recognizing that the human agent does not act as the ideal one (and therefore it is impossibile to expect from her to behave coherently with the standard picture of rationality) it becomes useful to provide some practical solutions that can help individuals make a rational choice, where “rationality” is intended as the capability of achieving the best possibile outcome given the limited resources that humans have.