Why are we satisfied by “good enough”?
Dec 9, 2021
Why are we satisfied by “good enough”?
There is a theory Decision making named, Bounded Rationality.
Bounded rationality is a human decision-making process in which we seek a decision that will be good enough, rather than the best possible decision.
Why is this important? 😇
We are faced with many choices for hundreds of different products. We don’t really have an idea of which is best for us as we have a limited amount of information on each product.
Therefore, we are bound by factors such as lack of information on each product. As a result, we may choose the product with the best packaging rather than the good that is most optimal.
So next time you are taking a decision be aware of Bounded Rationality.
