Examlex
What is the function of the item marked z in the illustration?
Decision-making Model
A conceptual framework that outlines the process of making choices by identifying options, evaluating them, and selecting a course of action.
Complete Rationality
The assumption that we take into account every single criterion or possible alternative to make a decision.
Bounded Rationality
The idea that we are restricted by a variety of constraints when making decisions.
Bounded Rationality
A concept that decision-makers are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision.
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