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Eduncle posted an MCQ
October 18, 2019 • 15:24 pm 0 points
  • UGC NET
  • Political Science

Who among the following gave the Bounded Rationality model of decision-making?

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    Eduncle Best Answer

    Bounded rationality is a term first coined by Herbert Simon. Simon challenged the concept of a rational man in classical and neoclassical economic theories and argued that the rationality of man is bounded by certain limitations. He opined that even though rational thinking, deductive reasoning and logic are good for solving theoretical problems.

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