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Could someone explain in laymen terms what "bounded" rationality means?
by vendiddy 5y ago
Could someone explain in laymen terms what "bounded" rationality means?
- glial 5y agoRationality can be re-phrased as coming up with the optimal solution to a problem. If you only have finite compute/memory/time, your solution is 'bounded' by those constraints - i.e. your job is now find the best solution possible given the constraints.