Asked by
Verified
According to the behavioural decision model, managerial decisions are rational only within the boundaries defined by available information.
Behavioural Decision Model
Decision-making with limited information and bounded rationality.
Rational
Based on or in accordance with reason or logic; a way of thinking or decision-making that is logical and based on facts and evidence.
Available Information
Refers to data or knowledge that can be accessed by individuals or systems at a given time.
- Define the divergences between traditional decision-making frameworks and behavioral decision-making frameworks.
- Understand the concept of bounded rationality in decision-making.
Verified Answer
Learning Objectives
- Define the divergences between traditional decision-making frameworks and behavioral decision-making frameworks.
- Understand the concept of bounded rationality in decision-making.
Related questions
The Behavioural Decision Model Describes Decision Making Where People Are ...
A Manager Who Is Choosing the First Acceptable Alternative That ...
When a Manager Chooses the First Satisfactory Alternative That Comes ...
According to Classical Decision Theory, Managers Choose the Satisfactory Alternative
A Classical Decision Model Describes Decision Making Within the Constraints ...