The constraints associated with bounded rationality can include personal characteristics as well as the availability of internal and external resources.

Question

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Bounded rationality refers to the limitation of an individual's ability to process information and make decisions. This can be influenced by factors such as cognitive limitations, information overload, and time constraints. Additionally, the availability of resources such as access to data, technology, and expertise can also impact an individual's ability to make rational decisions. Therefore, the constraints associated with bounded rationality can include personal characteristics as well as the availability of internal and external resources.

The Constraints Associated with Bounded Rationality Can Include Personal Characteristics