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, April 7, 2013, (accessed August 3, 2020).