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Bounded rationality describes the limitations of rationality and emphasizes the decision making process often used by individuals or teams.
Bounded Rationality
A concept that decision-makers are limited by their information, cognitive limitations, and time constraints when making choices.
Rationality Limitations
The boundaries and constraints on human decision-making ability caused by cognitive limitations, incomplete information, and time constraints.
Decision Making
The method of selecting options through recognizing a decision, collecting data, and evaluating different solutions.
- Understand the concept of bounded rationality and its implications on decision-making.
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Learning Objectives
- Understand the concept of bounded rationality and its implications on decision-making.
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