Boil the problem down to something that is easily understood
The steps in the bounded rationality decision making process are:
- Boil down problem into something easily understood
- Come up with a few straightforward solutions that are similar to what is already being done
- Evaluate the solutions as they come up
- Use distorted and inaccurate info when evaluating (because you need to keep in mind that consumers will sometimes have this bad info)
- Pick the acceptable alternative
