Therefore humans are not calculators, they get cognitive limitations.
The model of Herbert Simon has paved the way to other areas of research such as judgmental heuristics that allow individuals saving time because they do not take into account all the complexity of information relevant to the situation. However, they sometimes lead to biases and errors in decision-making (Kahneman & Tversky, 1974)
2. Compare and contrast
Rational decision-making process and the bounded rationality theories can easily be compared and contrast. They both are applying to the decision-making process and have the same purpose: giving a framework to solve a problem. However, these two models have many differences.
First of all, both models do not have the same assumptions concerning the individual maker. In rational decision-making model, the individual is considered as having an unlimited access to information, as wanting to maximize his utility and satisfaction and to have a clear vision of his preferences. He has ability, time and resources to evaluate each alternative against the other. In bounded rationality model, it is admitted that an individual does not have unlimited access to information, in particular, because inquiring requires both resources in terms of money and time, but also in social capital. (Simon, 1978). Then, an individual has cognitive abilities that prevent him to get a synoptic view of all situations in which he is, with each an analysis in terms of costs and benefits.