Bounded rationality refers to the tendency for decision makers to know all of the consequences of a complex decision in advance.

Name: Bounded rationality refers to the tendency for decision makers to know all of the consequences of a complex decision in advance.
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Bounded rationality refers to the idea that in decision-making, individuals are limited by the information they have, their own cognitive limitations, and the finite amount of time they have to make a decision.

Bounded Rationality Refers to the Tendency for Decision Makers to Know