The idea that people are cognitively limited,producing satisfactory rather than optimally rational decisions through satisficing is known as ______.
A)appeasement
B)delimited rationality
C)bounded rationality
D)grounding

Question

Quizplus · Accepted Answer

The concept of bounded rationality, introduced by Herbert Simon, suggests that individuals are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make decisions. Therefore, they seek satisfactory solutions rather than the optimal ones, a process known as satisficing.

The Idea That People Are Cognitively Limited,producing Satisfactory Rather Than