Bounded rationality is rational decision-making that is limited by time, cognitive abilities, and available information.

Name: Bounded rationality is rational decision-making that is limited by time, cognitive abilities, and available information.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Bounded rationality is a concept introduced by Herbert Simon, which states that rational decision-making is influenced by personal limitations such as cognitive abilities, time constraints, and limited information. Therefore, the answer is true.

Bounded Rationality Is Rational Decision-Making That Is Limited by Time