Boundedness of the Behavioral Model

Boundedness of the Behavioral Model means that our understanding of human decision-making and behavior is limited by factors like limited information, cognitive capacity, and time constraints. Instead of assuming people always act perfectly rationally, the model recognizes that their choices are influenced by these boundaries, leading to satisficing solutions rather than optimal ones. This perspective helps explain real-world behaviors more accurately, acknowledging that individuals make decisions within the constraints of their mental and practical resources. It emphasizes that human behavior is shaped by these limits, making the model more realistic and applicable.