 Simon’s remark that people satisfice when they haven’t the wits to maximize (Simon 1957a: xxiv) points to a common assumption, that there is a trade-off between effort and accuracy  (section 2.1).  Because the rules of global rationality are expensive to operate (Good 1952: 7(i)), people will trade a loss in accuracy for gains in cognitive efficiency (Payne, Bettman, &amp; Johnson 1988). The methodology of rational analysis  (section 3.3)  likewise appeals to this trade-off.