Examlex
Explain the trichromatic theory of vision.
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.
Rational Decision
A decision-making process that is based on making choices that result in the optimal level of benefit or utility for an individual.
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