Examlex
What is the proximate mechanism for choking?
Equity
Fairness; everyone gets his or her fair share. Since people can disagree about what is “fair,” equity is not as well defined a concept as efficiency.
Rational Decision
The choice made by logically considering all available information, potential costs, and benefits to achieve the optimal outcome.
Bounded Rationality
A concept suggesting that decision-making is limited by the information available, cognitive limitations of the mind, and the finite amount of time available to make a decision.
Opportunity Costs
The potential benefits or profits lost when choosing one alternative over another, representing the cost of forgone opportunities.
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