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What Is Meant by Bounded Rationality and Satisficing

question 40

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What is meant by bounded rationality and satisficing?


Definitions:

Formal

Pertains to actions, processes, or appearances that follow established rules, conventions, or procedures, often in professional or official contexts.

Independent

Not influenced or controlled by others; operating freely.

Reward Power

A form of power that stems from the ability to bestow rewards on others, often used as a motivational tool in various contexts, including leadership and management.

Special Bonuses

Additional rewards or compensation offered beyond what is standard, often used to incentivize or reward.

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