This time we are looking on the crossword puzzle clue for: Bounded.
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Last seen on: –NY Times Crossword 19 Mar 23, Sunday
–NY Times Crossword 21 Aug 21, Saturday
–LA Times Crossword 13 Aug 21, Friday
–LA Times Crossword 12 Aug 21, Thursday
–The Sun – Two Speed Crossword – Feb 11 2021
–Eugene Sheffer – King Feature Syndicate Crossword – Jan 15 2021
–Thomas Joseph – King Feature Syndicate Crossword – Dec 18 2020
–Wall Street Journal Crossword – September 06 2020 – Daffy Derby
The Washington Post Crossword – Mar 18 2020
Random information on the term “Bounded”:
Bounded rationality is the idea that rationality is limited, when individuals make decisions, by the tractability of the decision problem, the cognitive limitations of the mind, and the time available to make the decision. Decision-makers, in this view, act as satisficers, seeking a satisfactory solution rather than an optimal one.
Herbert A. Simon proposed bounded rationality as an alternative basis for the mathematical modeling of decision-making, as used in economics, political science and related disciplines. It complements “rationality as optimization”, which views decision-making as a fully rational process of finding an optimal choice given the information available. Simon used the analogy of a pair of scissors, where one blade represents “cognitive limitations” of actual humans and the other the “structures of the environment”, illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment. Many economics models assume that people are on average rational, and can in large enough quantities be approximated to act according to their preferences. The concept of bounded rationality revises this assumption to account for the fact that perfectly rational decisions are often not feasible in practice because of the intractability of natural decision problems and the finite computational resources available for making them.