Bounded Rationality in the Decision Making Processes


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question 1 of 3

Who introduced the theory of bounded rationality?

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1. What is bounded rationality?

2. Which is an example of a company using bounded rationality and consumers' values to influence their purchasing decision?

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About This Quiz & Worksheet

Use these questions to see what you know about bounded rationality. You will need to explain what it is and how it is used by corporations.

Quiz & Worksheet Goals

In this set of questions you'll measure what you know about:

  • Methods used by corporations to replace a generic name with a brand name
  • Examples of corporations using bounded rationality to influence consumer decisions
  • The utility of bounded rationality on highly researched consumer purchases

Skills Practiced

  • Defining key concepts - ensure that you can accurately define main phrases, such as bounded rationality
  • Information recall - access the knowledge you've gained regarding who created the theory of bounded rationality
  • Knowledge application - use your knowledge to answer questions about how corporations use bounded rationality in different situations

Additional Learning

To get a better understanding of this consumer theory, review the lesson titled Bounded Rationality in the Decision Making Process. You will learn:

  • Common examples of eco-friendly labeling
  • Examples of effective corporate use of bounded rationality
  • Appealing to trending values