Explain how the theory of bounded rationality extends upon this theory?
Short Answer Assignment 1.The Economic Rationality theory of decision-making has an assumption that humans are economical/rational. Explain how the theory of Bounded Rationality extends upon this theory [3 points]. The theory of Bounded Rationality also claims that the environment, aspiration level, and satisficing can help explain decision making. Explain what is meant by ‘satisficing’ in … Read more