Site Selection Problem and a Quasi‐Satisficing Decision Rule

Abstract

This discussion and overview of the site selection problem in the context of a quasi‐satisficing decision rule combines two major rationality frameworks for locational decision making: utility maximization and bounded rationality. Their empirical and logical validity is discussed. From these concepts a quasi‐satisficing rationality framework is developed and operationalized through a reference point approach. A quasi‐satisficing decision‐support procedure that involves a feed‐back exchange of information between a decision maker and a computer‐based support system is offered and a numerical illustration of this procedure is presented. 1992 The Ohio State University