Examlex
Suppose X has a normal distribution with mean 70 and standard deviation 5.The 50th percentile of X is 70.
Cognitive Limitations
Refers to the constraints on human information processing, including limited memory and attention capacity.
Perfectly Rational
Refers to a theoretical condition in decision-making where individuals make decisions by fully optimizing and considering all available information and potential outcomes.
Ambiguous Situations
Scenarios that lack clarity and can be interpreted in multiple ways.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution.
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