Economics Dictionary of Arguments

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 Bounded Rationality - Economics Dictionary of Arguments
 
Bounded rationality: Bounded rationality is a concept suggesting that decision-making is limited by cognitive abilities, information, and time constraints. It acknowledges that individuals make choices based on available information, heuristics, and simplified models rather than exhaustive analysis, leading to satisficing outcomes rather than always optimizing decisions in complex situations. See also Decisions, Decision theory, Rationality.
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Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.
 
Author Item    More concepts for author
Economic Theories Bounded Rationality   Economic Theories
Jolls, Christine M. Bounded Rationality   Jolls, Christine M.
Simon, Herbert A. Bounded Rationality   Simon, Herbert A.

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Ed. Martin Schulz, access date 2024-11-08