Simon's Model of Bounded Rationality

Simon’s Model of Bounded Rationality suggests that individuals aiming to make decisions try to find the best possible choice but are limited by their available information, time, and mental capacity. Instead of searching for the absolute best option, they settle for a solution that is "good enough," known as satisficing. This approach recognizes human decision-making constraints, emphasizing practical and realistic choices rather than perfect ones, helping us understand how people and organizations operate under real-world limitations.