Questions and Answers
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
What does 'heuristics' refer to in decision making?
A mental shortcut for judgment and decision making
How does the text describe the accuracy of heuristics in decision making?
Heuristics are generally adaptive but not 100% accurate
'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?
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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'?
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Which Nobel Prize winner's work focused on the impacts of heuristics and biases in decision-making?
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