Assignment 1 Decision Making - optimal choice from the...

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1. Satisfice is to act in such a way as to satisfy the minimum requirement for achieving a particular result. The combination of satisfy with suffice. Bound rationality framework they often lack important information that would help define the problem. Time and cost constraints limit the quantity and quality of available information. Intelligence limitations and perceptual errors constrain the ability of decision makers to accurately "calculate" the
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Unformatted text preview: optimal choice from the universe of available alternatives. 2. System 1 thinking will occur. System 1 thinking refers to our intuitive system, which is typical fast, automatic, effortless, implicit, and emotional. We usually decide how to interpret verbal language or visual information....
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