Question
As per Herbet Simon’s bounded rationality theory,
the decision made is ______ in nature.Solution
According to Simon, because of bounded rationality, the decision made is ‘satisficing’ in nature i.e. they only satisfy and suffice but not maximise. Thus, a decision maker is looking for a satisfactory solution for a problem in the given situation and the constraints and not for the ideal solution as that may lead to an endless search.
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