bounded rationality

bounded rationality
The type of rationality that most people (or organizations) resort to when faced with complex decisions in fast-moving, real-life situations where perfect information is unavailable. Given these constraints, decision makers will be content to find an alternative that gives satisfactory profits rather than one that maximizes profits. The concept of bounded rationality is thus a corrective to the assumption of many economic theories that economic agents make ideally rational decisions to optimize their self-interest. See satisficing behaviour

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  • bounded rationality — UK US noun [U] ► ECONOMICS the theory that people can understand only a limited amount of information within a limited amount of time, and for this reason they do not always make the best decisions, especially in complicated situations: »Managers …   Financial and business terms

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  • Bounded Rationality — Begrenzte Rationalität (oder eingeschränkte Rationalität) bezeichnet in der Wirtschaftswissenschaft ein Verhalten, das einerseits abgegrenzt wird von unbeschränkter Rationalität und Optimierung unter Nebenbedingungen, andererseits aber auch von… …   Deutsch Wikipedia

  • bounded rationality — The type of rationality that most people (or organizations) resort to when faced with complex decisions in fast moving, real life situations where perfect information is unavailable. Given these constraints, decision makers will be content to… …   Accounting dictionary

  • 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… …   Dictionary of sociology

  • Rationality — as a term is related to the idea of reason, a word which following Webster s may be derived as much from older terms referring to thinking itself as from giving an account or an explanation. This lends the term a dual aspect. One aspect… …   Wikipedia

  • rationality — rationality, rational action See action theory ; bounded rationality ; critical theory ; ethnomethodology ; exchange theory ; formal rationality ; interpretation ; magic, witchcraft, and sorcery ; meaning ; pheno …   Dictionary of sociology

  • Perfect rationality — In economics and game theory, the participants are sometimes considered to have perfect rationality: that is, they always act in a way that maximizes their utility, and are capable of arbitrarily complex deductions towards that end. They will… …   Wikipedia

  • rational action — rationality, rational action See action theory ; bounded rationality ; critical theory ; ethnomethodology ; exchange theory ; formal rationality ; interpretation ; magic, witchcraft, and sorcery ; meaning ; pheno …   Dictionary of sociology

  • ОГРАНИЧЕННАЯ РАЦИОНАЛЬНОСТЬ — (bounded rationality) модель человеческого действия, при которой выбор ограничен и несовершенен в смысле знания ситуации и ожидаемых результатов; такое действие, следовательно, никогда не является полностью рациональным. Понятие введено работами… …   Большой толковый социологический словарь

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