SATISFICING: In Health Economics

Posted on February 21, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

A decision-making strategy 

[By staff reporters]

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What is satisficing? Definition and meaning - Market Business News

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Satisficing is a business decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.

The term economic satisficing, a portmanteau of satisfy and suffice, was introduced by Herbert A. Simon in 1956, although the concept was first posited in his 1947 book Administrative Behavior. Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined. He maintained that many natural problems are characterized by computational intractability or a lack of information, both of which preclude the use of mathematical optimization procedures.

CITE: https://www.r2library.com/Resource/Title/082610254

He observed in his Nobel Prize in Economics speech that “decision makers can satisfice either by finding optimum solutions for a simplified world, or by finding satisfactory solutions for a more realistic world. Neither approach, in general, dominates the other, and both have continued to co-exist in the world of management science”.

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Assessment

“Satisficing” – a made-up word created by combining satisfactory and sufficient – indicates something good, but not great. Like the Canadian single-payer health system, like Medicare-for-All.

KEN ARROW PhD: https://medicalexecutivepost.com/2010/08/17/on-professor-kenneth-arrow-phd/

MORE: https://www.acsh.org/news/2018/09/18/canadas-single-payer-health-system-satisfices-13272

Conclusion: Your thoughts are appreciated.

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INVESTING Psychology

Posted on February 21, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

By Dan Ariely PhD

THE IRRATIONAL ECONOMIST

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Of course you don’t need a human financial advisor … until you do. Today, we’ve had unfettered internet access to a wide range of investments, opinions and models for at least two decades. So, why the bravado to go it alone; fifteen positive years for equities, since 2009! Yet, the DJIA, S&P 500 and NASDAQ just plunged and plummeted today!

The financial advisor’s role is to remove the human element and emotion from investing decisions for something as personal as your wealth. Emotion drives the retail investor to sell low (fear) and buy high (greed). This is the reason why the average equity returns for retail investors is less than half of the S&P 500’s returns.

No, of course you don’t need a human financial advisor … until you do.

And when you do, it may be too late.

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HEALTH ECONOMICS: Who Should Study and Learn this Dismal Science?

Posted on February 21, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

DR. DAVID EDWARD MARCINKO MBA MEd CPHQ CMP™

By Staff Reporters

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Who should study health economics?

Understanding how economic behavior factors into health and health care decisions can benefit anyone interested in this field. However, the following groups of individuals may benefit most from the study of health economics:

  • Medical providers: Doctors, nurses, and assistants can evaluate new treatments, technologies, and services to determine ways to deliver value-based care. Medical providers benefit from understanding the economics behind these developments [MD/DO, DPM, DDS/DMD, RN, PA, etc].
  • Administrators: Health care administrators process insurance co-payments and manage financial metrics for health care providers. Learning the intricacies of health care economics can provide the necessary context as they liaise with insurance providers and use new technologies to process payments.
  • Policymakers or public health officials: Those who are in charge of policy decisions at the local, state, federal, or international levels benefit from understanding the economic relationship between stakeholders and the general public.
  • Business leaders: Because many Americans receive private insurance, health care becomes a major expense for employers. Business leaders must understand the health economics outlook to appease their employees, shareholders, and even their customers.

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DAILY UPDATE: Stock Markets Down

Posted on February 21, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

A Partner of the Institute of Medical Business Advisors , Inc.

http://www.MedicalBusinessAdvisors.com

SPONSORED BY: Marcinko & Associates, Inc.

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CITE: https://www.r2library.com/Resource

The Dow Jones Industrial Average (^DJI) fell roughly 450 points, or around 1%. The S&P 500 (^GSPC) dropped 0.5%, pulling back after its second record close in a row on Wednesday, while the tech-heavy NASDAQ Composite (^IXIC) also lost about 0.5%.

CITE: https://tinyurl.com/2h47urt5

Worries grew about coming headwinds for corporate America after Walmart beat on quarterly profit but issued cautious 2026 fiscal year guidance. Shares of the retail giant tumbled more than 6%. Walmart’s decline combined with more roughly 4% drops in Goldman Sachs (GS) and JPMorgan (JPM) weighed on the Dow.

CITE: https://tinyurl.com/tj8smmes

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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