What is "bounded rationality"? a. Gathering all necessary information before making a decision. b. People only make choices that gives non-negative utility. c. Limits on information, time, and abilities might prevent people from seeking out the best possible outcome. d. Human beings are often restricted/forced to make only rational decisions.
What is "bounded rationality"? a. Gathering all necessary information before making a decision. b. People only make choices that gives non-negative utility. c. Limits on information, time, and abilities might prevent people from seeking out the best possible outcome. d. Human beings are often restricted/forced to make only rational decisions.
Chapter1: The Art And Science Of Economic Analysis
Section: Chapter Questions
Problem 2.2P
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What is "bounded rationality"?
a. Gathering all necessary information before making a decision.
b. People only make choices that gives non-negative utility.
c. Limits on information, time, and abilities might prevent people from seeking out the best possible outcome.
d. Human beings are often restricted/forced to make only rational decisions.
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