Which of the following describes decision making with limited information and bounded rationality?
A)Classical decision model
B)Certain environment
C)Optimizing decision
D)Behavioural decision model
E)Unstructured environment

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that individuals make decisions within certain limits imposed by their cognitive abilities, available information, and the time they have to make a decision. The behavioural decision model recognizes the limitations of human rationality and takes into account factors such as emotions, biases, and heuristics in the decision-making process. Therefore, option D describes decision making with limited information and bounded rationality.

Which of the Following Describes Decision Making with Limited Information