Rational Thinking (or thinking of Rational Man)
Rational man is best decision maker and consistent. However s/he rly on some assumptions.
Rationality of man is bounded by certain limitations.
Given by Herbert Simon.
Real situations people take decisions on the basis of heuristics rather than rule based optimization methods. He argued that decision-making is bounded by the following limitations.
Intellectual Ability/Cognitive Ability
Lack of Time to take Decisions
Tag:11 commerce, 11th commerce, 12 commerce, 12th commerce, bba, bcom, Bounded Rationality Model, Bounded Rationality Model of Decision Making, ca, ca cpt, ca final, ca inter, commerce, commerce achiever, commerce optional, cs, cs final, cs inter, mba, mcom, Model of Decision Making, ugc net, ugc net commerce, ugc net commerce optional, upsc commerce optional, upsc commerce optional paper, upsc commerce optional previous year paper, upsc commerce optional syllabus, upsc optional