Which term best characterises a decision that has bounded rationality?
A)Rigorous and comprehensive.
B)Virtually perfect.
C)Good enough.
D)Not good enough.

Question

Quizplus · Accepted Answer

Bounded rationality refers to making decisions that are limited by the available information and cognitive abilities of the decision maker. Therefore, the decision cannot be virtually perfect or rigorous and comprehensive. Instead, it is considered "good enough" given the constraints of bounded rationality. Option D could also be a possible answer, but it is not the best choice as it does not accurately express the concept of bounded rationality.

Which Term Best Characterises a Decision That Has Bounded Rationality