Bounded rationality refers to the idea that,while individuals reason well and are logical,they have their limits with respect to interpreting and making sense of things within the context of their personal situations.

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Bounded rationality theory posits that individuals may not have unlimited capacity to process and analyze information and may rely on heuristics and simplifying strategies to make decisions, particularly in complex or uncertain situations.

Bounded Rationality Refers to the Idea That,while Individuals Reason Well