Herbert Simon
Decision makers can satisfice either by finding optimum solutions for a simplified world, or by finding satisfactory solutions for a more realistic world.
Content: Quotation | Author: Herbert Simon | Source: Management and Business Review (MBR) | Subjects: Decision Making, Organizational Behavior
Herbert Simon
In an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.
Content: Quotation | Author: Herbert Simon | Source: Deloitte Review | Subjects: Attention, Information
Herbert Simon
The capacity of human mind for formulating and solving complex problems is very small compared to the size of the problems whose solution is required for objectively rational behavior in the real world – even for a reasonable approximation to such objective rationality.
Content: Quotation | Author: Herbert Simon | Subjects: Decision Making, Economics