QUESTION One of the primary differences between the Rational and Bounded Rationa

Question

QUESTION One of the primary differences between the Rational and Bounded Rationality perspectives on human decision making is that The rational perspective assumes that people pick among a few, rather than all, possible solutions The bounded rationality perspective suggests that people make choices without full information, whereas the rational perspective suggests that they have full information. The rational perspective implies that settling for the first solution is acceptable and that optimal decisions are impossible. The bounded rationality perspective assumes that people have the time and resources to carefully make every decision.

Explanation / Answer

Rational decisions have complete information and maximizes profit whereas bounded decisions are decisions made without full information. Hence the correct option is b. The bounded rationality perspective suggests that people make choices without full information, whereas the rational perspective suggests that have full information.

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