The __________ decision theory model accepts the notion of bounded rationality and suggests that people act only in terms of what they perceive about a given situation.
A) behavioral
B) rational
C) organizational management
D) scientific
E) potential investment

Question

Quizplus · Accepted Answer

The behavioral decision theory model recognizes that individuals may not have access to all the information they need to make the best decision and therefore can only act on the basis of what they perceive about a given situation. This concept of bounded rationality acknowledges limits in decision-making due to cognitive limitations, incomplete information and finite time and resources which can result in less than optimal decisions.

The __________ Decision Theory Model Accepts the Notion of Bounded