The concept of "bounded rationality" is most closely related to the _________ model of decision making.
A)classical
B)rational
C)satisficing
D)incremental
E)intuition

Question

Quizplus · Accepted Answer

The bounded rationality concept suggests that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, cognitive capacity, values, skills, habits, and unconscious reflexes .Because of such constraints, managers don't make an exhaustive search for the best alternative.Instead, they follow the satisficing model in which managers seek alternatives until they find one that is satisfactory, not optimal.

The Concept of "Bounded Rationality" Is Most Closely Related to the _________