Explore BrainMass

Explore BrainMass

    Bounded Rationality and Decision-Making

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Discuss Simon's concept of Bounded Rationality and its effectiveness as a decision-making process.

    © BrainMass Inc. brainmass.com June 4, 2020, 4:50 am ad1c9bdddf
    https://brainmass.com/business/business-communication/bounded-rationality-and-decision-making-583162

    Solution Preview

    http://www.princeton.edu/~achaney/tmve/wiki100k/docs/Bounded_rationality.html

    Simons' conceptual framework on Bounded Rationality is placated upon limiting what sorts of utility functions there might be. When making decisions, the information that a person has influences the rationality of their decision-making, and therefore, Simon proposes that for effective decision-making, decision-makers must recognize the costs of gathering and processing information. The concept is ...

    Solution Summary

    Discussion of Simon's concepts in reference to decision making.

    $2.19

    ADVERTISEMENT