Bounded rationality involves
A) picking the alternative that maximizes value.
B) evaluating all the alternatives simultaneously.
C) using accurate information to evaluate alternatives.
D) boiling the problem down to something that is easily understood.
E) developing an exhaustive list of alternatives to consider as solutions.

Question

Quizplus · Accepted Answer

Bounded rationality begins with boiling the problem down to something that is easily understood. The other steps-develop an exhaustive list of alternatives to consider as solutions, evaluate all the alternatives simultaneously, use accurate information to evaluate alternatives, and pick the alternative that maximizes value-are all part of rational decision making.

Bounded Rationality Involves