bounded rationality
bounded rationality According to the rational exchange postulates associated with the organizational theory of Herbert A. Simon (see Models of Bounded Rationality, 1982
), there are cognitive limits to the ability of people to pursue wholly rational purposeful behaviour. Rather than seek the optimal solution, actors satisfice; that is, they accept a solution which is ‘good enough’, within a so-called zone of indifference.
), there are cognitive limits to the ability of people to pursue wholly rational purposeful behaviour. Rather than seek the optimal solution, actors satisfice; that is, they accept a solution which is ‘good enough’, within a so-called zone of indifference.
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bounded rationality