Answer the question in maximum 50 words/5 to 6 lines. This question carries 05 marks. [MPPSC 2021]
What is bounded rationality? What role does it play in decision making?
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Bounded Rationality
Definition: Bounded rationality is the concept that decision-making is limited by available information, cognitive limitations, and time constraints.
Role in Decision Making
Bounded rationality reflects the practical limitations we face in real-world decision-making.