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Bounded Rationality
A concept suggesting that decision-making is limited by the information available, cognitive limitations of the mind, and the finite amount of time available to make a decision.
Herbert Simon
An American economist and cognitive psychologist known for his research in the fields of decision-making and problem-solving, notably the concept of bounded rationality.
Behavioural Economic Theory
An approach combining psychological insights with economic theory to predict and understand human decision-making.
Ideal Goals
Objectives or aims that represent a perfect or most desirable outcome, often used as benchmarks for success or aspiration.
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