What did Nobel Prize winner Herbert Simon recognize?
A)The usefulness of programmed decision making
B)The usefulness of non-programmed decision making
C)The perfectly rational characteristics of Economic Person do not exist in real decision makers
D)The characteristics of Economic Person
E)The existence of groupthink

Question

Quizplus · Accepted Answer

Herbert Simon recognized that the perfectly rational characteristics of the Economic Person do not exist in real decision makers, introducing the concept of "bounded rationality" which suggests that individuals are limited in their decision-making capabilities by various constraints.

What Did Nobel Prize Winner Herbert Simon Recognize