SEARCH
You are in browse mode. You must login to use MEMORY

   Log in to start


From course:

Economics A Level

» Start this Course
(Practice similar questions for free)
Question:

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

Author: go kys



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.


0 / 5  (0 ratings)

1 answer(s) in total

Author

go kys
go kys