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Litzy Trevino
on Dec 05, 2024

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Classical decision theory models accept the notion of bounded rationality and suggest that people act only in terms of what they perceive about a given situation.

Bounded Rationality

The concept that individuals make decisions based on the limited information available to them and their cognitive limitations.

Classical Decision Theory

A framework for understanding and improving decision-making processes, emphasizing rational choices based on available information and preferences.

Perceive

To perceive means to become aware or conscious of something through the senses, or to interpret in a certain way.

  • Grasp the concept of bounded rationality and its implications for decision-making.
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Yannelly TavarezDec 08, 2024
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