The Car
Colleen is a student and her older brother has loaned her an old car.The car is in need of several repairs before she will feel comfortable driving it.
-Refer to The Car (Scenario).Colleen's brother has a different view of the repairs.He assumes that the repair person is using the best information available, but there may be other unexpected repairs that might surface and that a higher budget might be more reasonable.He is using ________.

Question

Quizplus · Accepted Answer

Colleen's brother is acknowledging that there may be unexpected repairs that could arise and is therefore using bounded rationality. He understands that the repair person may not have all the information and that it's important to have flexibility in the budget in case of unexpected repairs.

The Car Colleen Is a Student and Her Older Brother Has Loaned