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bounded rationality is also the result of the decision maker guessing about: uncertain future consequences.

What is bounded rationality?

Human decision-making is characterised by bounded rationality, which tries to satisfy rather than optimize. In other words, rather than pursuing the ideal option, we look for a selection that will be enough.

The amount of information accessible, the decision's tractability, our cognitive capacities, and the amount of time we have to make the choice all have an impact on bounded rationality thinking. "Satisficing," or making the most of what you have, is the term used to describe this way of thinking.

When humans utilise heuristics, this is an example of limited rationality. Humans utilize heuristics—mental shortcuts—to help them make judgments fast, and because they do not have to take all the facts into account, these shortcuts frequently result in less-than-ideal choices.

To know more about bounded rationality refer to:

https://brainly.com/question/25880260

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