Asked by
Nicholas Farrell
on Oct 22, 2024
Verified
Making decisions within the constraints of limited information and alternatives is known as bounded rationality.
Bounded Rationality
Making decisions within the constraints of limited information and alternatives.
Limited Information
A situation where decision-makers do not have access to all the data they need, often leading to decisions made under conditions of uncertainty.
- Acquire an understanding of the concept of limited rationality in the process of making decisions.
Verified Answer
GF
Learning Objectives
- Acquire an understanding of the concept of limited rationality in the process of making decisions.
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