What concept is Simon best known for in decision-making?
Absolute rationality
Bounded rationality
Prospect theory
Utility maximization
Answer
Bounded rationality is the concept Simon is best known for in decision-making. It suggests that individuals' rationality is limited by the information they have, the time available for decision-making, and their cognitive abilities. Decision-makers often rely on heuristics and simplifying strategies to cope with complex situations, rather than attempting to gather and process all possible information.
The Multifaceted Mind of Herbert A. Simon: An Engaging Quiz on his Remarkable Contributions
More Questions
Where did Herbert A. Simon spend most of his career?
In which field did Simon heavily influence through his work?
Simon helped to found which school at Carnegie Mellon University?
Which of the following was Simon NOT known for contributing to?
Which theory did Simon propose to explain power law distributions?
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