Choice Under Uncertainty
Simply characterized, rational decision making consists in one's choosing the best member from the set of available alternatives…. The central question for a theory of rationality concerns, of course, how someone is rationally to assess the available actions in a decision-situation.
—Moser (1990, pp. 2, 3)
A satisficer is concerned with doing well enough, while an optimizer is concerned with doing the best it can.
—Goodie, Ortmann, J. N. Davis, Bullock, and Werner (1999, p. 327)
C hoice or decision-making situations—“choice” and “decision making” are used synonymously here—can be classified in several ways. One basic distinction that has been made is between “yes-no” and “forced-choice” situations. The latter type is usually taken to be the prototypical model of decision making; the problem here is to choose one from among several alternative courses of action. However, the “yes-no” case is not uncommon in operational contexts in which the decision maker has only a single action possibility and the problem is to decide whether to not to take it (Mintzberg, 1975; Peters, 1979). Of course, the “yes-no” situation can be seen as a special case of