Jacob went to the grocery store to buy breakfast cereal. He picked up a few cereal boxes to look up their ingredients. However, after going through a few boxes, he gave up and picked two different cereal boxes at random. He did not think that collecting information about his options was worth his time. Jacob's decision is an example of _____.
A) an affect-based decision
B) an attribute-based decision
C) bounded rationality
D) instrumental rationality

Question

Quizplus · Accepted Answer

Jacob's decision is an example of bounded rationality because he recognizes the limits of his ability to process and analyze all available information and opts for a satisficing, rather than optimizing, decision by choosing randomly.

Jacob Went to the Grocery Store to Buy Breakfast Cereal