Satisficing is a method for making a choice
from a set of alternatives encountered sequentially when one does
not know much about the possibilities ahead of time. In
such instances, there may be no optimal solution for when
to stop searching for further alternatives. Satisficing takes
the shortcut of setting an adjustable aspiration level and ending
the search for alternatives as soon as one is encountered
that exceeds the aspiration level (Simon, 1956: 129-138; 1990: 1-19).
Satisficing is a form of bounded rationality. For
a detailed explanation of rationality see Gigerenzer, et. al., 1999.