The decision-making of politicians is bounded by limitations such as knowledge, time and information. This concept is known as?
سیاست دانوں کی فیصلہ سازی علم، وقت اور معلومات جیسی محدودیتوں سے متاثر ہوتی ہے۔ اس تصور کو کیا کہا جاتا ہے؟
- Bounded Rationality
- Perfect Rationality
- Classical Rationality
- Unlimited Rationality
Explanation
The decision-making limitation you are describing is known as bounded rationality
- Core Idea: People try to make good choices, but they cannot be fully perfect or all-knowing.
- Coined By: Economist Herbert Simon in 1947.
- Result: Leaders pick a choice that is "good enough" rather than searching for the absolute best choice.
Related MCQs
MCQs will be added soon
