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Bounded Rationality
Bounded Rationality
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Herbert Simon's concept of bounded rationality challenges classical rational-choice theory. What is the core claim?
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A.
Agents maximize a utility function that includes computational cost as a negative term
B.
Agents optimize perfectly but under time pressure, making them look irrational to outside observers
C.
Agents have limited information, time, and computational capacity, so they satisfice rather than optimize in practice
D.
Agents are fundamentally irrational and cannot be modeled with any mathematical framework
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