Using bounded- rational decision making,
A)decision makers typically identify alternatives that are obvious.
B)the satisficing choice will be the first acceptable one encountered.
C)decision makers will use simple and limited models.
D)all of the above

Question

Quizplus · Accepted Answer

Bounded- rational decision-making implies that decision makers are limited in their ability to process information and, therefore, will use simple and limited models to identify alternatives that are obvious. This, in turn, leads to a satisficing choice, as the first acceptable one encountered is chosen rather than conducting a comprehensive search. Therefore, all of the above choices are correct.

Using Bounded- Rational Decision Making