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From course:

Economics A Level (DONEEEEEEE)

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Question:

What other Restrictions prevents Economic Agents from acting Rational? [Bounded Rationality] -What sort of Decision happens in the End with Bounded Rationality?

Author: eric_galvao



Answer:

-Time is Limited to make a Decision -Not all Information is Available - Some may be Wrong -Unable to Evaluate such a Swarm of Information to make a Decision, and not knowing the Opp Cost. -A Satisfying Decision is therefore made as they may not be able to spend Ages on making a Decision and just go with whatever Pleases them the Most.


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