Question

Under bounded rationality, one of the limiting factors for making optimal decisions is information imperfection. What does information imperfection mean?

Q: Answer-Under bounded rationality, one of the limiting factors for making optimal decisions is information i...

Information imperfection refers to the lack of information a consumer has. It refers to information not known to the decision maker, which if heshe was aware of, the decision would have been different.

A Incorrect information

B Lack of ability to understand information

C Lack of all relevant information

D Lack of time to get all information

E Lack of medium to analyse information

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Under bounded rationality, one of the limiting factors for making optimal decisions is information imperfection. What does information imperfection mean?

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