Which of the following describes decision making with limited information and bounded rationality?
A) Classical decision model
B) Certain environment
C) Optimizing decision
D) Behavioral decision model
E) Unstructured environment

Question

Quizplus · Accepted Answer

The behavioral decision model recognizes that decision making is often made with limited information and bounded rationality, meaning that our ability to make rational decisions is limited by cognitive and environmental factors. This model acknowledges that humans are not always perfectly rational and that factors such as emotions, biases, and heuristics can influence decision making.

Which of the Following Describes Decision Making with Limited Information