Answer :
Answer: The concept of bounded rationality suggests that we are likely to:
- Not have the ability or resources to process all available information and alternatives to make an optimal decision.
Explanation:
Herbert Simon's limited rationality theory states that people make decisions partially irrational because of our cognitive, information and time constraints.
It is very difficult to make completely rational decisions because our resources to process information are limited, especially when the problems are complex, as usually happens in everyday life.
The limited rationality model states that people use heuristics when it comes to finding solutions. Heuristics are defined as general and simple rules that we use to solve problems; Although they may be useful in many cases, in others they produce cognitive biases, that is, systematic deviations in reasoning.
The concept of bounded rationality suggests we do not have the ability or resources to process all available information and alternatives to make an optimal decision.
What is bounded rationality?
Bounded rationality is the process of making a decision that is good enough rather than the best decision. It is an idea that rationality is limited when a person makes a decision.
Bounded rationality refers to the situation where the consumer has limited resources and wanted to fulfill his unlimited wants to manage his economic activities on the availability of the information and time to us. This decision is called a rational decision.
Therefore the correct option is A.
Learn more about Bounded rationality here:
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