Abstract page
Most people are limited by something when making their choices. Sometimes it can be a moral constraint, but even more often, it happens that they face a situation of a bounded rationality. In such situations, people cannot make adequate decisions, as they are limited in their knowledge or they have cognitive limitations of their minds. As a result, decisions made are satisfactory, but not optimal. So, when available information or time to make the decision are limited, rationality is limited too. When there are some limitations, people do not make rational choices as they lack resources and abilities to Continue reading...