What does "bounded rationality" mean?

A model of human behaviour which states that individuals often make decisions that are merely adequate rather than optimal.

What is a synonym for "bounded rationality"?

Common synonyms include: bounded, everyday rationality.

noun

noun ·Rare ·Advanced level

Noun

1
A model of human behaviour which states that individuals often make decisions that are merely adequate rather than optimal. uncountable

Coined by American political scientist Herbert A. Simon.