Bounded Rationality Is Criticized Because It Is Based on

question 68

Multiple Choice

Bounded rationality is criticized because it is based on

• A)simplified models that lack complexity.
• B)institutional memory.
• C)too tight a structure.
• D)the outcome of highest utility.
• E)a knowledge model that is too complex.

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Definitions:

Overall Set

The total collection or group of items, elements, or properties being considered or discussed.

Organization

can refer to a collective group of people structured and managed to meet a need or pursue collective goals, or the act of organizing.

Expectations

Beliefs or predictions about future events, often influencing behavior and decision-making.

Seven-step Procedure

A structured process often followed in problem-solving or decision-making that involves steps from understanding the issue to implementing solutions.