Here is the synopsis of our sample research paper on Limitations on the Decision Making Process; Bounded Rationality and Opportunism. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 5 page paper explains the concepts of bounded rationality and opportunism in the context of the commercial environment. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEboundr.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
as an investor, the individual may feel that thy are making a logical analysis of the market, gathering together all of the facts in order to make a rational decision,
in realty there are many constraints, that even when recognised, cannot be overcome in totality. The same may be said of the decisions made by a business manger when going
through the decision making processes. Social attitudes, expectations, the limitations of time and the asymmetry of information are recognised as present, however, most individuals would like to think that they
can recognise opportunities, and in an emergent strategy also become opportunists. However, there is a negative connotation with the suggestion, if made to an investor or manger, that they are
constrained by bounded rationality. Bounded rationality is a phenomenon first described by Simon (1976) as a way that decision making will be constrained as a result of satisficing. The
process is still logical, but as a human mind is not unlimited and cannot compute all possible alterative, this may be seen as a self limiting mechanism. Simon (1976)
argued that the decision making process would have three boundaries, these would be the skill of the decision maker, the habits of the decision maker and their reflexes, all of
which are influenced by the motivational framework under which they operate, and finally their actual knowledge of the different issues that are relevant to the job (Simon, 1970). It has
been described as "intendedly rational but only limitedly so" (Simon, 1961 quoted in Dunn, 2001; 267). To consider this in detail we need to consider what this means in practice
rather than just as a theory. In this we will see that there is an allowance for different types of bias to influence the process, and that the process
...