Lecture 33: Satisficing and Simplicity

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Probability Course
Published at : 28 Dec 2020
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This video continues the discussion of the expected utility principle and the sunk cost fallacy. Using an example of shopping, the concept of “satisficing” is introduced. People who use the strategy of satisficing tend to be happier than those who try to maximize their options.

Section 9: Utilities, Satisficing, and Pitfalls (4/5)

This is the 33rd of a total of 40 short videos, which are divided into 11 sections.

A course to learn the basic concepts and tools to help us make better decisions under uncertainty, take calculated risks, and reduce the stress and regrets that often come with decision making.

If you would like to learn more, please subscribe to this channel and read the textbook at www.probabilitycourse.com.
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