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单词 bounded rationality
释义
bounded rationality

Geography
  • An understanding of rationality based on the notion that individuals strive to be rational, after first greatly simplifying the choices available, taking into account computational difficulties, the costs of obtaining information, and multivariate preferences, In choosing between a small number, the decision-maker acts as a satisficer. Salant (2011) Amer. Econ. Rev. 101, 2, 724 is clear on this.


Economics
  • Bounded rationality arises because there is a finite limit to the amount of information the human brain can hold and process. Although teamwork and computers can vastly increase the amount of information that can be collected, and the calculations that can be performed, it is still the case that using the information and understanding the implications of the calculations are subject to severe limits. Bounded rationality casts doubt on the model of the economic consumer considering all possible alternatives and optimizing by choosing the most preferred option. The theory of satisficing assumes that individuals and organizations consider only a relatively small number of alternatives, and frequently stop searching once they find a tolerable course of action, rather than seeking the best possible. See also behavioural economics.


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