A theory of satisficing decisions and control

Abstract

The existence of an optimal control policy and the techniques for finding it are grounded fundamentally in a global perspective. These techniques can be of limited value when the global behaviour of the system is difficult to characterize, as it may be when the system is nonlinear, when the input is constrained, or when only partial information is available regarding system dynamics or the environment. Satisficing control theory is an alternative approach that is compatible with the limited rationality associated with such systems. This theory is extended by the introduction of the notion of strong satisficing to provide a systematic procedure for the design of satisficing controls. The power of the satisficing approach is illustrated by applications to representative control problems.