____ Occurs When the Decision Maker Is Constrained by His

question 191

Multiple Choice

____ occurs when the decision maker is constrained by his or her own values,experiences,skills,and reflexes.He or she also has less than complete knowledge and information.

• A) Optimization
• B) Intuitive decision making
• C) Bounded rationality
• D) Escalation of commitment
• E) Satisficing

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Definitions:

Negligence

The absence of the diligence that an ordinarily prudent individual would demonstrate in comparable conditions.

Insurer

A company or individual that provides coverage, through the payment of premiums, against specified risks to life, health, or property.

Insurance Company

A business entity that provides financial protection or compensation to policyholders in exchange for premiums, against specified risks or losses.

Paid Out

This term typically refers to money that has been disbursed or expended, often relating to payments made for goods, services, debts, or claims.