How does decision theory address the concept of bounded rationality in decision- making?
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How does decision theory address the concept of bounded rationality in decision- making?
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- What are some common decision-making biases and heuristics that can impact decision quality?What are the limitations and criticisms of decision theory as a framework for decision- making? Are there alternative theories or approaches that address these limitations?In order to apply decision theory in practice, what are the key characteristics that a decision should have?
- Explain the Rational decision-making, Bounded rationality decision-making and Intuitive decision-making. Give one example of eachCan you explain the principle of dominance and its significance in decision theory?Define classical decision theory and behavioral theory of decision making with examples and the pros & cons of group decision making in short.