Bounded Rationality and Budgeting
This article discusses the theory of bounded rationality which had been introduced by Herbert Simon in the 1950s. Simon introduced the notion of bounded rationality stating that while decision-makers strive for rationality, they are limited by the effect of the environment, their information process...
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| Format: | Article |
| Language: | English |
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EconJournals
2016-10-01
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| Series: | International Review of Management and Marketing |
| Online Access: | https://www.econjournals.com/index.php/irmm/article/view/2786 |