Examlex
Several employees have submitted different methods of assembling a product. Sample data for each method are: How many treatments are there?
Bounded Rationality
A concept that decision-makers are limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make decisions.
Heuristics
Mental shortcuts or rules of thumb that simplify decision-making processes.
Preferences
Individual choices or inclinations towards certain options, objects, or outcomes over others.
Heuristics
Simple, efficient rules, either hardwired by evolutionary processes or learned, which help individuals make decisions, come to judgments, and solve problems when facing complex situations or incomplete information.
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