Explain the concepts bounded rationality and satisficing

Reference no: EM13825242

Write a 1,050- to 1,400-word paper that describes Herbert Simon's ideas of how decisions are made. Address the following in your paper:

Explain the concepts bounded rationality and satisficing. Why are these concepts important? Give an example illustrating each.

Do Simon's ideas ring true in the real world? Give an example of how they apply or why they don't. You may want to consider a job you have held or your own experiences in an organizational environment.

Reference no: EM13825242

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