What is Bounded Rationality | Explained in 2 min

In this video, we will explore What is Bounded Rationality.
Bounded Rationality is the idea that rationality is limited because of the cognitive limitations of the mind, and the time available to make the decision.

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[morganatorricelli]

I don't think the idea behind bounded rationality is that we shouldn't behave rationally, but rather that we can't behave 100% rationally because of limited information, problems being too complex etc.
So rather than having a less rational approach, the idea is to be as rational as possible while still understanding that there are limits to our capacity of being rational.

[hawkd]

Thanks for the videos and advice! You break down complex ideas and express them in simple ways to help us understand :)