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The Economic Rationality theory of decision-making has an assumption that humans are economical/rational. Explain how the theory of Bounded Rationality extends upon this theory. The
The Economic Rationality theory of decision-making has an assumption that humans are economical/rational. Explain how the theory of Bounded Rationality extends upon this theory. The theory of Bounded Rationality also claims that the environment, aspiration level, and satisficing can help explain decision making. Explain what is meant by 'satisficing' in this theory
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