Bounded Rationality Is Decision Making Where Individuals Are Confronted with Too

question 12

True/False

Bounded rationality is decision making where individuals are confronted with too many options and cannot consider the implications of all of them and tend to reduce the considered number of options to a manageable number.

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Definitions:

Nature

The inherent qualities or characteristics of a person or thing; also refers to the physical world and its biological processes.

Interests

The stakes or investments that individuals or groups have in a particular issue, outcome, or situation.

Personal Intervention

Direct and personal involvement in attempting to alter a situation or outcome.

Morphogenesis

The biological process that causes an organism to develop its shape and structure.