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- January 2014 (Revised November 2015)
- Background Note
Rational Choice and Managerial Decision-Making
By: Willy Shih
This note discusses Herbert Simon's notion of bounded rationality: how managers may sometimes make suboptimal choices because of their limited ability to access or process information.
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Keywords:
Rational Choice;
Bounded Rationality;
Satisficing;
Herbert Simon;
Agenda-setting;
Choice;
Alternatives;
Decision Making;
Decision Choices and Conditions;
Decisions;
Judgments
Shih, Willy. "Rational Choice and Managerial Decision-Making." Harvard Business School Background Note 614-048, January 2014. (Revised November 2015.)