Which of the following describes decision making with limited information and bounded rationality?
A) classical decision model
B) certain environment
C) optimizing decision
D) behavioural decision model
E) unstructured environment

Question

Quizplus · Accepted Answer

The behavioural decision model is based on the idea that decision-making is influenced by cognitive biases, emotions, and other psychological factors. It recognizes that decision makers often have limited information and must make decisions with bounded rationality, meaning they cannot consider all possible options and must rely on heuristics or rules of thumb to make decisions. The other options do not pertain to decision making with limited information and bounded rationality.

Which of the Following Describes Decision Making with Limited Information