Examlex
Which of the following statements is TRUE?
Herbert Simon
Herbert Simon was an American economist and cognitive psychologist known for his research on decision-making processes and artificial intelligence, receiving the Nobel Prize in Economic Sciences.
Economic Person
A theoretical concept that assumes individuals act rationally and primarily out of self-interest, seeking to maximize their own utility.
Perfect Prototype
An ideal or optimal model of a process, product, or concept that serves as a standard for replicating or comparing similar entities.
Bounded Rationality
A concept that individuals make decisions based on the limited information they have available and their own mental limitations.
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