Asked by Daniel Romero on Jul 12, 2024
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Nobel Prize winner Herbert Simon suggested that managers use ________ rationality rather than perfect rationality.
Perfect Rationality
A theoretical concept where decision-making entities are assumed to have unlimited cognitive abilities to make the most optimal decision, fully informed by all available information.
Nobel Prize
Prestigious international awards given annually in several categories, including Physics, Chemistry, Medicine, Literature, Peace, and Economics, to individuals or organizations who have made significant contributions in these fields.
Herbert Simon
Herbert Simon was an American economist and cognitive psychologist known for his research on decision-making processes and artificial intelligence, receiving the Nobel Prize in Economic Sciences.
- Acquire knowledge about the concept and effects of restricted rationality in the context of decision-making.
- Acquire knowledge about the pivotal role and contributions of Herbert Simon in the area of decision-making.
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Learning Objectives
- Acquire knowledge about the concept and effects of restricted rationality in the context of decision-making.
- Acquire knowledge about the pivotal role and contributions of Herbert Simon in the area of decision-making.
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