What Makes a Good Decision? Robust Satisficing as a Normative Standard of Rational Decision Making

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To the best of our knowledge, there are at present no data that speak to any of these issues. To some degree, this lack of research may be the result of the hegemony that utility maximizing has had as the norm for rational decision making in our culture. Despite the numerous and varied applications of info-gap robust satisficing that we referred to earlier, one rarely, if ever, sees this discussed in the popular literature. Even when risk management and its failures got enormous attention in the aftermath of the financial crisis, all the criticism was of faulty utility maximizing calculation. The possibility that utility maximization was the wrong thing to be calculating was unexplored. It is our hope that in making the normative argument we have here, we will encourage more people to think about robust satisficing as the rational strategy to be following in their own lives, and in the lives of the institutions of which they are a part.

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