
Herbert Simon was a remarkably fertile thinker in the social and "artificial" sciences (The Sciences of the Artificial - 3rd Edition (1969, first edition)). His most celebrated idea was the notion of "satisficing" rather than "optimizing" or "maximizing" in decision-making; he put forward a theory of ordinary decision-making that conformed more closely to the ways that actual people reason rather than the heroic abstractions of expected utility theory. Essentially the concept of satisficing takes the cost of collecting additional information into account as a decision maker searches for a solution to a problem -- where to eat for dinner, which university to attend, which product to emphasize in a company's short-term strategy. And...