Which phrase best describes the term "bounded rationality"?
A)thinking a problem through clearly before acting
B)taking care not to exhaust limited resources
C)the result of departmentalized decision making
D)limits imposed on decision making by costs, time, and technology
E)the use of extremely structured steps in the decision-making process

Question

Quizplus · Accepted Answer

Bounded rationality refers to the concept that in decision-making, individuals are limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. Thus, costs, time, and technology are factors that impose limits on decision making.

Which Phrase Best Describes the Term "Bounded Rationality