Simon's theory of decision-making

Herbert Simon's theory of decision-making emphasizes that individuals often simplify complex problems to make choices more manageable. He introduced the concept of "bounded rationality," which suggests that people have limitations in time, information, and cognitive resources. Instead of seeking the optimal solution, they aim for a satisfactory one that meets their needs. Simon also highlighted the importance of intuition and learning from experience, leading to better decisions over time. Essentially, his theory recognizes that while we strive to make rational choices, our capabilities and circumstances often guide our decision-making processes.