If psychological limitations and other complications cause people to be unable to examine and think through every possible choice available to them and rely instead on rules of thumb, then these individuals exhibit

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Bounded rationality refers to the idea that individuals have limitations in their ability to process information and make decisions, and as a result may rely on heuristics or rules of thumb to simplify the decision-making process. This is a more realistic view of human decision-making than assuming that individuals always make completely rational and well-informed choices.

If Psychological Limitations and Other Complications Cause People to Be