Rational brain · Judgment & Decision Science
Bounded Rationality (Simon)
People decide with limited information, limited time and limited processing; they satisfice rather than optimise, and every persuasion technique works inside those limits.
An everyday example
Choosing the first acceptable supplier because evaluating all of them would cost more than the difference.
What it can cost you
Mistaking your shortcuts for analysis; being handed the shortcut by an interested party.
Warning signs
- I took the first acceptable option.
- My shortcut was supplied by the seller.
One thing to do
Choose your shortcuts consciously: decide the criteria and the stopping rule before searching.
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