Asked by David Plata on Jun 12, 2024
Verified
Nobel Prize winner Herbert Simon suggested that managers use bounded rationality.
Bounded Rationality
A concept that individuals make decisions based on the limited information they have available and their own mental limitations.
Nobel Prize
A set of international awards given annually in several categories including Peace, Literature, and various sciences, recognizing significant contributions to humanity.
Herbert Simon
An American economist, political scientist, and cognitive psychologist known for his research in the fields of decision-making and artificial intelligence, including the concept of "bounded rationality."
- Apprehend the notion and ramifications of bounded rationality when making choices.
- Comprehend the significance and impact of Herbert Simon’s contributions to decision-making studies.
Verified Answer
LB
lelandra borgesJun 14, 2024
Final Answer :
True
Explanation :
Herbert Simon introduced the concept of bounded rationality, which suggests that individuals make decisions based on the limited information they have available and within the constraints of their mental capacity and time.
Learning Objectives
- Apprehend the notion and ramifications of bounded rationality when making choices.
- Comprehend the significance and impact of Herbert Simon’s contributions to decision-making studies.