Asked by
Jeremy Ramirez
on Nov 29, 2024Verified
Identify an assumption of the rational model of decision making.
A) The decision maker has a consistent system of preferences.
B) The decision maker is not aware of all the possible alternatives.
C) The decision maker cannot determine the probability of success for each alternative.
D) There are time constraints and limits to human knowledge and information-processing capabilities.
Rational Model
A decision-making approach that assumes individuals make decisions based on complete information, weighing all alternatives to choose the most satisfactory option.
Consistent System
A system where all parts work together without contradiction, ensuring stability and predictability in its operations.
Preferences
Individual likes or choices that guide behavior and decision-making, often influenced by personal experiences, cultural factors, and biological predispositions.
- Discern the fundamental premises underlying the rational and bounded rationality theories of decision making.
Verified Answer
OS
Learning Objectives
- Discern the fundamental premises underlying the rational and bounded rationality theories of decision making.