________ is a rational decision-making process that is constrained by our experiences, history, and culture.

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that decisions are made in a rational manner but are limited by our own experiences and environments. It suggests that because people's minds cannot process all the information available, they generate a simplified model of the problem, which they use to make their decisions. Therefore, bounded rationality is a more realistic approach to decision-making than unbounded rationality, which presumes that people can make fully rational decisions without any constraint.

________ Is a Rational Decision-Making Process That Is Constrained by Our