An important element of the bounded rationality model is:
A)certainty
B)satisficing
C)unlimited information search
D)optimizing

Name: An important element of the bounded rationality model is: A)certainty B)satisficing C)unlimited information search D)optimizing
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Question

Quizplus · Accepted Answer

Bounded rationality assumes that decision-makers face limitations in processing and evaluating information, leading them to adopt a satisficing (choosing a solution that is "good enough") instead of an optimizing approach.

An Important Element of the Bounded Rationality Model Is