BOUNDED RATIONALITY

Used in decision making and is constrained by a person's limit os knowledge, cognitive limitations and factors that arise from real life situations where decisions are made.

BOUNDED RATIONALITY: "Bounded rationality assumes that a person will make a decision that is informed and rational to their level of knowledge."
Cite this page: N., Pam M.S., "BOUNDED RATIONALITY," in PsychologyDictionary.org, April 7, 2013, https://psychologydictionary.org/bounded-rationality-2/ (accessed December 11, 2019).
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