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What is the main idea behind Simon's Bounded Rationality Approach?
What is the main idea behind Simon's Bounded Rationality Approach?
- People make decisions based on a set of heuristics rather than being fully rational (correct)
- People have unlimited mental resources for decision-making
- People should rely on in-depth analysis for every decision
- People are always rational in their decision-making process
What does 'heuristics' refer to in decision making?
What does 'heuristics' refer to in decision making?
- A method that guarantees 100% accurate decisions
- A technique that requires extensive cognitive processing
- A systematic approach to problem-solving
- A mental shortcut for judgment and decision making (correct)
How does the text describe the accuracy of heuristics in decision making?
How does the text describe the accuracy of heuristics in decision making?
- Heuristics are generally adaptive but not 100% accurate (correct)
- Heuristics are mainly used by lazy individuals
- Heuristics are always 100% accurate
- Heuristics are never accurate
'Coin-parison by coin counting heuristics' is an example of:
'Coin-parison by coin counting heuristics' is an example of:
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What assumption does the text make about people in cognitive processing?
What assumption does the text make about people in cognitive processing?
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What is the main reason people rely on heuristics according to the text?
What is the main reason people rely on heuristics according to the text?
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In relation to decision-making, what is the significance of 'bounded rationality'?
In relation to decision-making, what is the significance of 'bounded rationality'?
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Which Nobel Prize winner's work focused on the impacts of heuristics and biases in decision-making?
Which Nobel Prize winner's work focused on the impacts of heuristics and biases in decision-making?
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