In an interview on the bounded rationality model, Herbert Simon identifies assumptions that lead to satisficing which include all of the following except __________.
A) limited set of alternatives
B) tendency to select lowest cost
C) difficulty in locating alternatives
D) difficulty in evaluating alternatives

Question

Quizplus · Accepted Answer

Herbert Simon's concept of bounded rationality and satisficing involves the idea that individuals make decisions based on a limited set of alternatives and have difficulties in locating and evaluating these alternatives due to cognitive limitations and time constraints. The tendency to select the lowest cost is not specifically identified as a factor leading to satisficing in Simon's model; rather, the focus is on selecting an option that meets a satisfactory threshold, not necessarily the lowest cost option.

In an Interview on the Bounded Rationality Model, Herbert Simon