Herbert Simon won the Nobel Prize in Economics (1978) for his concept of ‘Bounded Rationality’ in:
ADecision-Making Process
BBudgetary Allocation
CPersonnel Recruitment
DDiplomatic Negotiation
Explanation
Simon challenged classic rational choice models, demonstrating that decision-makers act under ‘bounded rationality’ and seek ‘satisficing’ outcomes.
Exam Relevance
- Topic: Public Administration
- Subtopic: Decision Making

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