Bounded Rationality Refers to the Limits Imposed on Decision Making

question 159

True/False

Bounded rationality refers to the limits imposed on decision making because of costs, human abilities, time, technology, and/or availability of information.

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Definitions:

Pool Funds

Financial resources combined from multiple sources or agencies to maximize efficiency, effectiveness, and flexibility in funding programs or projects.

Quality Services

The commitment to providing outstanding service that meets or exceeds customers' expectations.

Personal Ideology

A set of beliefs, values, and opinions held by an individual that influence their outlook and behaviors.

Policy Preferences

are the specific policies or policy directions favored by individuals, groups, or political entities.