Behavioural Theories of the Firm

The behavioural theories started developing in the early 1950s. The concept of 'satisficing behaviour' or 'satisfying behaviour' was initially put forward by Simon and later-elaborated by Cyert and March in 1963. According to Simon in an uncertain business world and conflicting goals, managers can only aim at "satisficing" rather than "maximising." "In real business world; data available is regarded as inaccurate and inadequate. The management therefore determines a 'satisfactory aspiration level' on the basis of its experience and judgement about future uncertainty. In this context, Simon claimed that firms-strive to achieve -satisfactory profit, or growth or sales or any other goal rather than aiming to maximise these goals. 

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