_____ describes the idea that perfectly rational decisions are not always feasible because of constraints found in information processing.
A) Rational ignorance
B) Rational expression
C) Instrumental rationality
D) Bounded rationality

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that humans have limitations in their cognitive abilities, which can hinder their decision-making processes. These limitations can stem from a variety of factors, including time constraints, limited information availability, and cognitive biases. As a result, individuals must often make decisions based on incomplete or imperfect information, which can lead to suboptimal outcomes. Bounded rationality stands in contrast to the concept of instrumental rationality, which assumes that individuals have access to perfect information and can always make perfectly rational decisions.

_____ Describes the Idea That Perfectly Rational Decisions Are Not