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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. |
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Learn more about Bounded Rationality More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Cognitive Bias, Cognitive Dissonance, more... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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