Contrast the rational model of decision making with bounded rationality and intuition.
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Contrast the rational model of decision making with bounded rationality and
intuition.
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- How does decision theory address the concept of bounded rationality in decision- making?Differentiate between extensive decision making and Limited decision making ? Give an example of each?Two models of decision making discussed during class are: Unbounded Rationality and Rational Process Questioning and Bounded Rational Model Irrational Model and Created Rationality Rational Model and Bounded Rationality
- How does the role of information in the rational model of decision making differ from the role of information in the behavioral model?How does decision theory deal with decision-making in situations involving multiple criteria or objectives?Explain the Rational decision-making, Bounded rationality decision-making and Intuitive decision-making. Give one example of each