______ is the idea that we are restricted by a variety of constraints when it comes to making decisions.

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19-08-2022
Social Studies

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______ is the idea that we are restricted by a variety of constraints when it comes to making decisions.

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AnnuG AnnuG · Answer 1 · 2022-08-24T02:26:40+02:00

Bounded rationality is the idea that we are restricted by a variety of constraints when it comes to making decisions.

Bounded rationality describes the way in which humans make decisions, such that they depart from perfect economic rationality. The reason here is because our rationality is limited by our thinking capacity, whatever information is available to us as well as the time. Therefore, instead of making the best choices, we make choices that are just satisfactory.

For example, when you go to a toy store to buy a gift, you may be rushed to make a suboptimal decision by the influence of the shopkeeper who is rushing you to buy.

To learn more about Bounded rationality, click

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