Explain the Rational decision-making, Bounded rationality decision-making and Intuitive decision-making. Give one example of each
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Explain the Rational decision-making, Bounded rationality decision-making and
Intuitive decision-making. Give one example of each
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- How does decision theory deal with decision-making in situations involving multiple criteria or objectives?How does the role of information in the rational model of decision making differ from the role of information in the behavioral model?How does decision theory address the concept of bounded rationality in decision- making?