bounded rationality Meaning in the Cambridge English Dictionary
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Meaning of “bounded rationality” in the English Dictionary

"bounded rationality" in Business English

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bounded rationalitynoun [U]

uk   us  
ECONOMICS the ​theory that ​people can understand only a ​limitedamount of ​information within a ​limitedamount of ​time, and for this reason they do not always make the best decisions, especially in complicated ​situations: Managers constrained by bounded rationality cannot foresee all of the relevant behaviours needed for ​organizationaleffectiveness.
(Definition of bounded rationality from the Cambridge Business English Dictionary © Cambridge University Press)
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