Discuss Herbert Simon’s concept of Bounded Rationality

Bounded rationality is a concept proposed by Herbert Simon that challenges the notion of human rationality as implied by the concept of homo economicus. Rationality is bounded because there are limits to our thinking capacity.

Bounded rationality is a concept proposed by Herbert Simon that challenges the notion of human rationality as implied by the concept of homo economicus. Rationality is bounded because there are limits to our thinking capacity, available information, and time. Bounded rationality a core assumption of the “natural assessments” view of heuristics and dual-system models of thinking , and it is one of the psychological foundations _____ _______ __________ _______ ____ _______ ____ _____ _________ _____ ________.
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