Explain how the theory of Bounded Rationality extends upon this theory
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Question-
The Economic Rationality theory of decision-making has an assumption that humans are economical/rational. Explain how the theory of Bounded Rationality extends upon this theory [3 points]. The theory of Bounded Rationality also claims that the environment, aspiration level, and satisficing can help explain decision making. Explain what is meant by ‘satisficing’ in this theory [2
points].
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