EXISTENCE OF SATISFICING SOLUTIONS

As pointed out by Simon, the “satisficing” decision criterion is one of the most fundamental principles which describe human behaviors. Its mathematical representation i.e., a “satisficing” (decision) problem, is specified by Mesarovic as follows. “Find a decision alternative whose performance is equal to or greater than a given aspiration level for each uncertainty.” Of the results already published about such “satisficing” problems, Mesarovic and Takahara's existence theorem of ‘satisficing’ solutions is most important. However, it requires relatively tight assumptions. Hence, the objective of this paper is to generalize it, in order to enhance its applicability. This is fulfilled by the application of the Teichmüller and Tukey Lemma.