Our ability to think rationally about information within our cognitive limitations is known as ________________.

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that our ability to make rational decisions and judgments is limited by factors such as time, information overload, and our cognitive abilities. It acknowledges that our decision-making processes are not always completely rational or optimal, but rather are based on heuristics and shortcuts that help us make decisions quickly and efficiently within our cognitive constraints. Choices A, B, and C all refer to specific cognitive processes that contribute to our overall ability to make decisions, but bounded rationality encompasses all of these processes and more.

Our Ability to Think Rationally About Information Within Our Cognitive