32 Facts About Bounded
Bounded rationalityis a construct that help oneself explain why people make decision that are n’t always perfectly logical . Herbert A. Simon , a Nobel Prize - winning economic expert , introduced this idea . He argued that human do n’t have the time , information , or mental capacity to make the best potential decision . Instead , theysettlefor " good enough " choices . This concept is crucial in understanding human behavior in political economy , psychological science , and even everyday life ....