Discussion
Which of the following statements about Simon's view of rationality is correct ?
Answer: D
For Simon, rationality is limited by the skills, values, purpose and knowledge levels of the decision maker.
Herbert Simon's view is bounded rationality. A decision maker has limited information, limited ability to compute and limited time, and is shaped by personal values and aims, so he chooses a satisfactory alternative and does not search for the single best one.
Rationality is not uni-dimensional, since it varies with these limits. Simon rejects the idea of total rationality, and no decision maker has unlimited knowledge about the alternatives; all three of those options describe the classical economic model that Simon criticised.
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