What did Simon's work on satisficing challenge the notion of?
Perfect competition
Ultimate satisfaction
Optimal choice
Government efficiency
Answer
Satisficing, as coined by Simon, challenges the notion of optimal choice by suggesting that individuals often make decisions that are good enough rather than perfect. This concept revolutionized decision-making theory, as it acknowledged the limitations of human rationality and the existence of bounded rationality in complex situations.
The Multifaceted Mind of Herbert A. Simon: An Engaging Quiz on his Remarkable Contributions
More Questions
Herbert A. Simon's theory of bounded rationality suggests decision-makers are constrained by what?
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Herbert A. Simon's research affected management studies primarily in what way?
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What was Herbert A. Simon's main research interest?
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