Decision makers who try their best for rationality but are constrained by limited information and processing abilities are referred to as:
A)irrational.
B)partially rational.
C)boundedly rational.
D)perfectly rational.

Question

Quizplus · Accepted Answer

Bounded rationality refers to decision makers who try their best to be rational but are limited by their information and processing abilities. Irrationality refers to decision making that goes against reason, while partial rationality is not a recognized term in decision-making theory. Perfect rationality assumes that decision makers have full information and processing abilities, which is often not the case in reality.

Decision Makers Who Try Their Best for Rationality but Are