Question

Ray, a manager in Fir Tree Inc., a large and established firm, must travel to attend an annual conference. He books the most convenient flight tickets and a room in a luxurious hotel right next to the venue of the conference. Ray justifies these decisions by stating that these are time-saving measures. Ray's decisions can be best explained

Answer 1

Ray's decisions can be best explained : The Idea of bounded rationality.

What is bounded rationality?

The Idea of bounded rationality refers to the challenges faced by a decision maker when making rational decision. It is a theory which states that consumers make decisions that are rational and within the limits of the information available to them.

Bounded rationality explain an idea that has to do with the fact that people are limited in their ability to make decisions within the level of information available.

Hence, Ray's decisions can be best explained the Idea of bounded rationality.

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