How rational model of decision making is different from bounded rationality and intuition?
Answers
Answer:
Rational decision making is the procedure of identifying a problem, finding a solution, and making logical decisions. ... Intuition decision making is a process that involves making decisions by unconsciously accessing information acquired through association and stored in long-term memory.
Answer:
To solve a problem or attain a goal, rational decision making use objective evidence, logic, and analysis rather than subjectivity and intuition.
Explanation:
The process of detecting an issue, solving it, and making logical conclusions is known as rational decision making. Intuition decision making is a process in which decisions are made unconsciously by accessing knowledge gained through association and kept in long-term memory.
Rationality is the belief that as humans, we always make the best option when it is in our best interests. Bounded rationality, on the other hand, claims that we cannot do so because we are constrained by three fundamental factors: Cognitive constraints, incomplete information, and time constraints
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