@inbook{5169f5d439fc41b1828d86e4eba18a11,
title = "Bounded rationality",
abstract = "Rational decision making involves using information which is almost always imperfect and incomplete, together with some intelligent machine, which if it is a human being is inconsistent in making a decision that maximizes utility. Since the world is not perfect and decisions are made irrespective of the fact that the information to be used is incomplete and imperfect, these decisions are rationally limited (bounded). Recent advances in artificial intelligence and the continual improvement of computer processing power due to Moore{\textquoteright}s law have implications for the theory of bounded rationality. These advances expand the bounds within which a rational decision making process is exercised and, thereby, increases the probability of making rational decisions.",
author = "Tshilidzi Marwala and Evan Hurwitz",
note = "Publisher Copyright: {\textcopyright} 2017, Springer International Publishing AG.",
year = "2017",
doi = "10.1007/978-3-319-66104-9_4",
language = "English",
series = "Advanced Information and Knowledge Processing",
publisher = "Springer London",
number = "9783319661032",
pages = "41--50",
booktitle = "Advanced Information and Knowledge Processing",
address = "United Kingdom",
edition = "9783319661032",
}