Examlex
Which of the following would a school whose students are middle or upper class be most likely to do?
Bounded Rationality
A concept suggesting that in decision-making, individuals are limited by the information they have, their cognitive limitations, and the finite amount of time they have to make a decision.
Limited Information
A scenario where decision-makers have only a partial view or incomplete data about a situation or problem.
Heuristics
Mental shortcuts that allow people to solve problems and make judgements quickly and efficiently.
Availability Heuristic
Availability heuristic is a mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.
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