Jacob went to the grocery store to buy breakfast cereal. He picked up a few cereal boxes to look up their ingredients. However,
after going through a few boxes, he gave up and picked two different cereal boxes at random. He did not think that collecting information about his options was worth his time. Jacob's decision is an example of _____.
This always comes to play when you are in need or looking for new ways to market yourself.
Bounded rationality is explained as the notion that a behaviour can violate a rational precept or fail to conform to a norm of ideal rationality but nevertheless be consistent with the pursuit of an appropriate set of goals or objectives. This definition is not entirely satisfactory, in that it specifies neither the precept being violated nor conditions under which a set of goals may be considered appropriate, but the concept of bounded rationality has always been somewhat ill defined in just these respects.
