The view that since decision makers have limited information, limited information processing capabilities, and tend toward satisficing rather than maximization of outcomes when making decisions accords with:
A)mini-maxing outcome.
B)implicit rationality.
C)clustering reality.
D)limited processing paradigm.
E)bounded rationality.

Question

Quizplus · Accepted Answer

The description given in the question matches the concept of bounded rationality, which refers to decision making under constraints such as limited information and cognitive capacity. Therefore, the best choice is E.

The View That Since Decision Makers Have Limited Information, Limited