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What is satisficing and how does it relate to the bounded

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Question: -What is satisficing and how does it relate to the bounded rationality model? What does it mean about decisions/what are its implications? Bounded rationality thinking is limited by the available information, the tractability of the decision problem, the cognitive limitations of our minds, and the time available to make the decision. This type of thinking is called "satisficing," or doing the best you can with what you have . -Describe the intuitive decision making model. The intuitive model of strategic decision making is based on the assumption that you rely on your gut feeling, instinct, or experience to make quick and effective decisions

Reference no: EM133603161

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