Question

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 _____.a. an affect-based decision
b. an attribute-based decision
c. bounded rationality
d. instrumental rationality.

Answer 1

Answer: The correct answer is "c. bounded rationality".

Explanation: Jacob's decision is an example of bounded rationality, because according to the theory of limited rationality, people make decisions only partially in a rational way because of our cognitive, information and time constraints.