Herbert Simon won the Nobel Prize in economics for his work in describing ________.
A)how people spend money
B)how most people are perfectly rational
C)how people make decisions
D)how people avoid decisions

Question

Quizplus · Accepted Answer

Herbert Simon's work focused on decision-making, including how people gather and process information, make choices based on their goals and values, and deal with uncertainty and complexity in decision-making situations. He argued that human decision-making was limited by factors such as time constraints, cognitive biases, and incomplete information, and that people frequently used heuristics or rules of thumb to simplify decision-making.

Herbert Simon Won the Nobel Prize in Economics for His