According to the bounded rationality model, individuals knowingly limit their options to a manageable set and choose the best alternative without conducting an exhaustive search for alternatives.

Choose all of the following that are correct characteristics of this model.

Question $6$ options:

An important part of the bounded rationality approach is the tendency to satisfice, which refers to accepting the first alternative that meets your minimum criteria.

Satisficing is similar to rational decision making, but it differs in that rather than choosing the best choice and maximizing the potential outcome, the decision maker saves time and effort by accepting the first alternative that meets the minimum threshold.

Bounded rationality decision making model avoid the paralysis by analysis can be a negative in the Rational decision making model.