PSYCHOLOGICAL DETERMINANTS OF BOUNDED RATIONALITY: IMPLICATIONS FOR DECISION‐MAKING STRATEGIES

PSYCHOLOGICAL DETERMINANTS OF BOUNDED RATIONALITY: IMPLICATIONS FOR DECISION‐MAKING STRATEGIES In this paper the implications of cognitive strain for decision‐making effectiveness are explored. Literature concerning the psychological processes of decisionmakers which underlie the operation of cognitive strain and which predispose them to the effects of cognitive strain, is reviewed. Next, the impact of cognitive strain on narrowly constraining or “bounding” rational decision‐making is examined, and the choice strategies of satisficing and incrementalizing are criticized as failing to broaden the bounds of rational decision‐making. Finally, elements of an eclectic choice strategy designed to assist decision‐makers handle the informational demands of complex decision problems are discussed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Decision Sciences Wiley

PSYCHOLOGICAL DETERMINANTS OF BOUNDED RATIONALITY: IMPLICATIONS FOR DECISION‐MAKING STRATEGIES

Decision Sciences, Volume 6 (3) – Jul 1, 1975

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Publisher
Wiley
Copyright
Copyright © 1975 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0011-7315
eISSN
1540-5915
DOI
10.1111/j.1540-5915.1975.tb01031.x
Publisher site
See Article on Publisher Site

Abstract

In this paper the implications of cognitive strain for decision‐making effectiveness are explored. Literature concerning the psychological processes of decisionmakers which underlie the operation of cognitive strain and which predispose them to the effects of cognitive strain, is reviewed. Next, the impact of cognitive strain on narrowly constraining or “bounding” rational decision‐making is examined, and the choice strategies of satisficing and incrementalizing are criticized as failing to broaden the bounds of rational decision‐making. Finally, elements of an eclectic choice strategy designed to assist decision‐makers handle the informational demands of complex decision problems are discussed.

Journal

Decision SciencesWiley

Published: Jul 1, 1975

References

  • Some Stylistic Aspects of Categorizing Behavior
    Fillenbaum, Fillenbaum

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