Bounded Rationality Means the Decision Maker's Rationality Is Limited by Their

question 72

Short Answer

Bounded rationality means the decision maker's rationality is limited by their ___________________________________,reflexes,skills,and habits.

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Definitions:

Team Members

Individuals who are part of a team, collaborating and contributing towards achieving common goals or tasks.

Framing Bias

A cognitive bias where individuals’ decisions are influenced by the way information is presented to them, rather than the information itself.

Estimation Problems

Challenges that arise when attempting to approximate or predict a value, quantity, or outcome with incomplete information.

Ethical Decision Making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.