_____ refers to the idea that decision makers are constrained by a variety of factors.
A) Optimizing
B) Representativeness heuristics
C) Bounded rationality
D) Conceptual decision style
E) Escalation of commitment

Question

Quizplus · Accepted Answer

Bounded rationality refers to the idea that decision makers are limited in their ability to make fully rational decisions due to various constraints such as time, information, cognitive abilities, and emotions. This concept acknowledges that individuals must make decisions with limited resources and cannot always gather all necessary information or evaluate all alternatives before making a decision.

_____ Refers to the Idea That Decision Makers Are Constrained