after spending hours researching his choices, mark decides on a laptop that will cost him $799. as he walks into his local retailer, a salesman presents him a laptop with marginally better features at the same price. however, mark would have to do further research to verify that the new alternative is in fact better. as a result, he decides that the laptop he previously decided on is good enough and buys it. mark's decision is an example of fairness. bounded rationality. risk aversion. b. charlotte delivers food for a fried chicken restaura

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17-12-2022
Business

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after spending hours researching his choices, mark decides on a laptop that will cost him $799. as he walks into his local retailer, a salesman presents him a laptop with marginally better features at the same price. however, mark would have to do further research to verify that the new alternative is in fact better. as a result, he decides that the laptop he previously decided on is good enough and buys it. mark's decision is an example of fairness. bounded rationality. risk aversion. b. charlotte delivers food for a fried chicken restaura

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abhinavjh321 abhinavjh321 · Answer 1 · 2022-12-20T17:41:40+01:00

Mark would have to do further research to verify that the new alternative is in fact better. as a result, he decides that the laptop he previously decided on is good enough and buys it. mark's decision is an example of fairness: bounded rationality

Human decision-making is characterized by bounded rationality, which tries to satisfy rather than optimize. In other words, rather than pursuing the ideal option, we look for a selection that will be enough.

The decision-making process of bounded rationality states that due to cognitive and time constraints, we are unlikely to gather all the knowledge that would be necessary to make a reasonable choice. Because of this, we tend to choose less-than-ideal options.

Even though we don't have access to all the information and resources that are feasible, we nonetheless make sensible decisions when we take into account the information that is already at our disposal. Even if it can be challenging to act in a way that maximizes benefits while minimizing costs, bounded rationality can lead us to make choices that are contradictory with our goals.

To know more about bounded rationality:

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