Question

______ is a term of decision limited by human capacity to absorb and analyze the information


Select one:
a. Conscious rationality

b. Restricted rationality

c.
Cognitive rationality

d.
Bounded rationality​

Answer 1

Answer:

Bounded rationality is the answer

Explanation:

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Answer 2

______ is a term of decision limited by human capacity to absorb and analyze the information

Bounded rationality:

• Bounded rationality is a mortal decision- making process in which we essay to satisfy, rather than optimize. In other words, we seek a decision that will be good enough, rather than the stylish possible decision

• The proposition of bounded rationality originates from Nobel laureate Herbert Simon.
• In 1957, he conceptualized the idea in response to rational choice proposition, which revolved around the idea that consumers would make optimized profitable opinions, as it was in their tone- interest to do so. In other words, the consumer would always choose the optimal choice.

• Bounded rationality is the proposition that consumers have limited rational decision timber, driven by three main factors – cognitive capability, time constraint, and amiss information.
• For illustration, when ordering at a eatery, guests will make sour opinions because they feel rushed by thewaiter.
• Bounded rationality addresses some of the crucial excrescencies in the original rational choice proposition by pressing the limitations of humans ’ capability to make optimal opinions.

• For illustration, we're ‘ bounded ’ by limitations similar as time constraints, our capability to absorb information, or we may be driven tosub-optimal opinions by feelings and our moods.
• For case, it's far more likely that someone starts consuming alcohol after a hard and stressful day at the office.

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