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Framing and cognitive biases both illustrate the operation of bounded rationality.
Framing
The act of constructing or presenting a concept, issue, or situation in a specific way to influence perception.
Cognitive Biases
Systematic patterns of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.
Bounded Rationality
A concept that decision-makers are limited by the information they have, cognitive limitations, and finite time to make decisions.
- Gain insight into the idea and impacts of constrained rationality in decision-making processes.
- Identify the influence of cognitive biases on decision-making processes.
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Learning Objectives
- Gain insight into the idea and impacts of constrained rationality in decision-making processes.
- Identify the influence of cognitive biases on decision-making processes.
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