The view that since decision makers have limited information,limited information processing capabilities,and tend toward satisficing rather than maximization of outcomes when making decisions accords with:
A)limited processing paradigm.
B)implicit rationality.
C)clustering reality.
D)mini-maxing outcome.
E)bounded rationality.

Question

Quizplus · Accepted Answer

Bounded rationality is the view that decision makers have limited information, limited processing capabilities, and tend to satisfice rather than maximize outcomes when making decisions. It takes into account the limits of human cognition and the imperfect information available to decision makers. The other options - limited processing paradigm, implicit rationality, clustering reality, and mini-maxing outcome - do not accurately capture this view of decision making.

The View That Since Decision Makers Have Limited Information,limited Information