Which of the following represents the earliest attempt to model decision-making processes?
A) the retrospective decision model
B) the bounded rationality model
C) the rational model
D) the administrative model

Question

Quizplus · Accepted Answer

The rational model, developed by economist and mathematician Herbert Simon in the 1950s, is considered the earliest attempt to model decision-making processes. This model assumes that individuals make decisions rationally by weighing all choices and selecting the one that maximizes their expected utility.

Which of the Following Represents the Earliest Attempt to Model