Herbert Simon's theory of bounded rationality asserts that people's reliance on simple decision-making strategies often results in suboptimal decisions.

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Herbert Simon's theory of bounded rationality suggests that people have limitations, such as time constraints and information availability, which lead them to rely on heuristics or simple decision-making strategies. However, these heuristics can sometimes result in suboptimal decisions, as they may not take into account all relevant information or potential consequences.

Herbert Simon's Theory of Bounded Rationality Asserts That People's Reliance