The concept of bounded rationality differs from the rational decision- making model in that decision makers tend to select the first reasonable choices that are available or are easy to find.

Question

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Bounded rationality acknowledges the limitations of decision-making processes, including limited information and cognitive constraints, leading individuals to satisfice by choosing the first option that meets their criteria rather than optimizing to find the best possible solution.

The Concept of Bounded Rationality Differs from the Rational Decision-