What Is Meant by the Term "Bounded Rationality"? How Does

question 15

Essay

What is meant by the term "bounded rationality"? How does it apply to decision-making? Provide an example of a time that you demonstrated bounded rationality.

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Definitions:

Unfamiliar Situation

A scenario or environment that is not known or recognized by an individual, often leading to feelings of discomfort or anxiety.

Attachment Style

Patterns of relating to others developed in early childhood that affect relationships throughout life.

Avoidant

A term often used to describe a pattern of behavior characterized by a desire to avoid certain situations, tasks, or interactions due to fear, anxiety, or perceived negative outcomes.

Rouge Test

A self-recognition test typically used on toddlers, where a mark is placed on the forehead and the child's reaction to its reflection is observed to assess self-awareness.