____ occurs when the decision maker is constrained by his or her own values,experiences,skills,and reflexes.He or she also has less than complete knowledge and information.
A) Optimization
B) Intuitive decision making
C) Bounded rationality
D) Escalation of commitment
E) Satisficing

Question

Quizplus · Accepted Answer

Bounded rationality occurs when the decision maker has limited information, cognitive abilities, and time. They are forced to make decisions based on incomplete and imperfect information, and their decisions are often biased by personal experiences and preferences. The decision maker must therefore "satisfice," or choose the first acceptable solution that meets the minimum criteria, rather than optimizing or maximizing their decision.

____ Occurs When the Decision Maker Is Constrained by His