Bounded rationality means that people have a limited capacity to anticipate, solve complex problems, or enumerate all options individuals violate the assumption of completeness in ranking preferences individuals can become satiated in their consumption of a particular product individuals make corre...

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Bounded rationality means that: people have a limited capacity to anticipate, solve complex problems, or enumerate all

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Bounded rationality means that:

1. people have a limited capacity to anticipate, solve complex problems, or enumerate all options.
2. individuals violate the assumption of completeness in ranking preferences.
3. individuals can become satiated in their consumption of a particular product.
4. individuals make correct decisions regarding monetary gains but not losses.