Isn it more accurate to view Info-Gaps decision-making model as a representation of an optimization problem rather than a satisficing problem?
Answer-40: In the absence of clear-cut definitions for “a satisficing problem” and “an optimization problem” the debate on “satisficing” vs “optimizing” is meaningless. The Info-Gap literature makes a big fuss about the difference between “optimizing” and “satisficing” (see FAQ-34) its point being that “Satisficing” has an advantage over what it refers to as “direct” optimizing. The argument seems to be that “(direct) optimizing” concerns itself only with the maximization of profit or utility to the detriment of performance. The insinuation therefore seems to be that optimization is either unable to tackle problems requiring that performance be taken into account or worse, that it is negligent in this task. Before we take up this matter it is vital to point out that there are no universally accepted definitions as to what constitutes a “strictly optimization problem” as opposed to a “strictly satisficing problem”. So, unless Info-Gap provides clear cut definitions its entire argument r
Related Questions
- Isn it more accurate to view Info-Gaps decision-making model as a representation of an optimization problem rather than a satisficing problem?
- What is the relationship between Info-Gaps decision-making model and the robust optimization models of Ben-Tal and Nemirovski (1998, 2002)?
- Are there any general purpose solution methods for the generic problem posed by Info-Gaps decision-making model?
