The concept that a decision maker lacks both the knowledge and computational skill required to make choices in a manner compatible with economic notions of rational behavior.
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References
Simon, H. A. (1955). A behavioral model of rational choice. Quatrely Journal of Economics, 69, 99–118.
Simon, H. A. (1957). Models of man: Social and rational. New York: John Wiley & Sons.
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(2013). Bounded Rationality. In: Gass, S.I., Fu, M.C. (eds) Encyclopedia of Operations Research and Management Science. Springer, Boston, MA. https://doi.org/10.1007/978-1-4419-1153-7_200016
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DOI: https://doi.org/10.1007/978-1-4419-1153-7_200016
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