'''Bounded rationality''' is the idea that [[rationality]] is limited, when individuals make decisions, by the tractability of the decision problem, the cognitive limitations of the mind, and the time available to make the decision. Decision-makers, in this view, act as [[satisficer]]s, seeking a satisfactory solution rather than an optimal one. | '''Bounded rationality''' is the idea that [[rationality]] is limited, when individuals make decisions, by the tractability of the decision problem, the cognitive limitations of the mind, and the time available to make the decision. Decision-makers, in this view, act as [[satisficer]]s, seeking a satisfactory solution rather than an optimal one. |