Bounded Rationality Refers to the Limits Imposed on Decision Making

question 159

True/False

Bounded rationality refers to the limits imposed on decision making because of costs, human abilities, time, technology, and/or availability of information.

Recognize the importance of ethics and privacy in marketing research.

Differentiate between primary and secondary data and understand their uses in marketing research.

Identify the roles of emerging technologies in marketing research.

Comprehend the procedural steps and considerations in designing marketing research.

---

Definitions:

CS-US Association

The process in classical conditioning whereby a previously neutral stimulus (CS) becomes associated with an unconditioned stimulus (US) to elicit a conditioned response.

Predictability

The extent to which future events or behaviors can be foreseen based on current knowledge or past events.

Private Thought Processes

Private thought processes refer to the internal, mental activities individuals engage in, such as reasoning, reflecting, and planning, which are not observable by others.

Skinner

Refers to B.F. Skinner, a renowned psychologist best known for his work in behaviorism and the development of the theory of operant conditioning.