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Bounded Rationality
The concept that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the time available to make the decision.
Good Enough
A standard or condition that satisfies the basic requirements or criteria, without needing to be perfect.
Bounded Rationality
The concept that decision-making is limited by the information available, the cognitive limitations of individuals, and the finite amount of time they have to make a decision.
Good Enough
A term that refers to a satisfactory solution or product that meets basic requirements without needing to be perfect.
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