Satisficing, optimization and adaptive systems

An aspect of complex adaptive systems is an observation that they typically operate far from equilibrium and optimality. This provokes investigation into frameworks into such decision-making processes. Satisficing describes a rational decision making process in economics where deciding agents accept solutions that achieve a minimum level of satisfaction. This theory differs from previously traditional rational decisionmaking in which the agent seeks to maximise or optimize utility from the choices faced. This work investigates some of the impact this altered perspective on the decision making process has had in economics, game theory control theory and evolutionary biology. We see it is the latter case that that may be most interesting to the study of complex adaptive systems and resultant models such as those used in biologically inspired computation.