Herbert Simon won the Nobel Prize in economics for his work in describing _________.
A)how almost all people are risk averted
B)how most people are perfectly rational
C)people's spending and saving behaviour
D)how people make decisions

Question

Quizplus · Accepted Answer

Herbert Simon won the Nobel Prize in economics for his work in describing how people make decisions. He argued that humans do not always behave rationally and often rely on "bounded rationality," which refers to making decisions based on limited information and cognitive capacity.

Herbert Simon Won the Nobel Prize in Economics for His