Discuss Simon's concept of Bounded Rationality and its effectiveness as a decision-making process.© BrainMass Inc. brainmass.com October 16, 2018, 1:40 am ad1c9bdddf - https://brainmass.com/business/business-communication/bounded-rationality-and-decision-making-583162
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 ...
Discussion of Simon's concepts in reference to decision making.