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What Are the Basic Assumptions of the Bounded Rationality Approach

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What are the basic assumptions of the bounded rationality approach to decision-making?


Definitions:

Weaknesses

Refers to the areas or aspects where an individual or entity may lack strength or proficiency.

Grapevine

An informal and unofficial communication channel within an organization, through which information, rumors, and gossip are typically spread.

Trust

A strong conviction in someone or something's reliability, truthfulness, capability, or robustness.

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