Give an Example of the Use of Bounded Rationality

question 116

Essay

Give an example of the use of bounded rationality. The example can be fictitious as long as it includes all the elements of bounded rationality.

---

Definitions:

Necessary Condition

a prerequisite that must be met for a certain event or outcome to occur.

Sufficient Condition

A condition or set of conditions that will ensure the occurrence of a particular outcome.

Sufficient Condition

A condition or set of conditions that guarantees the occurrence or the truth of something else but is not always necessary for it to happen.

Electoral College

A body of electors established by the United States Constitution, tasked with electing the president and vice president of the country.