Bounded rationality (BR) refers to the idea that people, and other choosing organisms, have limited cognitive and computational abilities, and therefore cannot make rational decisions in a maximizing sense. The term was introduced by Herbert Simon, whose work is closely associated ...

  • Loading...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles