Order Description

Illustrate three main differences between bounded rationality and the rational approach to decision making, using relevant examples from the literature and/or from your own experience.
?Differences between rational approach and bounded rationality:
assumption of time available vs time pressure
complete information vs insufficient information
seeking the best possible solution vs seeking a solution that is good enough
Examples from literature? e.g. planning a budge or a long-term strategy/business model (rational approach)
Personal examples? e.g. making last-minute adjustments to a racing event
Assessment criteria: knowledge, critical analysis, reflection, and communication/organisation of ideas ?