BOUNDED RATIONALITY

n. a concept about decision-making in which human rationality is constrained by the amount of information they have access to, their own cognitive ability and its limitations, and the limited time they are given to decide. Introduced by Herbert Simon in Models of Man.

BOUNDED RATIONALITY: "Although human beings are highly-intelligent creatures, they are limited by their bounded rationality."
Cite this page: N., Pam M.S., "BOUNDED RATIONALITY," in PsychologyDictionary.org, April 7, 2013, https://psychologydictionary.org/bounded-rationality/ (accessed September 27, 2020).
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