Question

The idea that proposes that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, cognitive capacity, values, skills, habits, and unconscious reflexes, is known as _____.

Answer 1

The correct answer is bounded rationality. This is referred to as an idea in regards to decision making in which the individual’s rationality is likely to be limited in regards of the data that they have, cognitive limitations that they acquire and as well as the amount of time that they are to make when making a certain decision.