The Bounded Rationality Decision-Making Model

question 24

Multiple Choice

The bounded rationality decision-making model

• A)describes a series of steps that decision makers should consider if their goal is to maximize their outcome and make the best choice.
• B)recognizes the limitations of decision making processes by having individuals knowingly limit their options to a manageable set and choose the best alternative without conducting an exhaustive search of alternatives.
• C)refers to arriving at decisions without conscious reasoning,arguing that experts make decisions by scanning the environment for cues to recognize patterns.
• D)refers to arriving at decisions after first gathering information about the problem and then setting the problem consciously aside until an insightful solution to the problem arises.

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Definitions:

Utilitarian

An ethical theory that posits the best action is the one that maximizes utility, often defined as maximizing happiness and reducing suffering.

Majority

Majority refers to more than half of a specific group or quantity, often used to describe the greater part of a population or collection.

Virtue

Moral excellence or righteousness, characterized by adherence to moral principles like honesty, compassion, and courage.

Ethical Decisions

Choices made based on moral principles and values, considering what is right and wrong, and often involving dilemmas where interests conflict.