What Is Bounded Rationality

question 19

Essay

What is bounded rationality?

---

Definitions:

Trial-and-Error Methods

A problem-solving technique involving repeated, varied attempts which are continued until success, or until the agent stops trying.

Quantitative Courses

Courses focused on the study and application of quantitative techniques in solving real-world problems.

Yield Management

A variable pricing strategy based on understanding, anticipating, and influencing consumer behavior to maximize revenue or profits.

Aggregate Plan

A process by which a company determines levels of capacity, production, subcontracting, inventory, stockouts, and pricing over a specified time period.