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Definition: Bounded Rationality is the concept of human behavior in decision making, coined by Simon, that rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. |
More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Cognitive Bias, Cognitive Dissonance, more on individual decision making... MBA Brief provides concise yet precise definitions of organizational concepts, management methods, and business models as taught in an MBA program. We keep it short and provide links to high-quality websites where you can learn more about your topic.
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