Which of the following best summarizes heuristics,as found in the bounded rationality model?
A) an algorithm based on complex decision making
B) a complex decision rule used in complex situations
C) a shortcut in decision making that saves mental activity
D) a mathematical approach to decision making

Question

Quizplus · Accepted Answer

Heuristics are mental shortcuts or rules of thumb that simplify decision making, often used when facing complex problems or incomplete information, as described in the bounded rationality model.

Which of the Following Best Summarizes Heuristics,as Found in the Bounded