Which term best characterizes a decision that has bounded rationality?
A)virtually perfect
B)rigorous and comprehensive
C)not good enough
D)just good enough

Question

Quizplus · Accepted Answer

Bounded rationality refers to the limited information and cognitive abilities that individuals have when making decisions. In this context, a decision that is "just good enough" would be the best characterization of a decision with bounded rationality. While it may not be perfect or rigorous, it is the best decision that can be made given the constraints of time, information, and cognitive limitations.

Which Term Best Characterizes a Decision That Has Bounded Rationality