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Herbert Simon (1957), suggested that we humans are not necessarily irrational,
but rather that we show bounded rationality—we are rational, but within limits.
Amos Tversky (1972a, 1972b) built on Simon's notion of bounded ra- tionality and observed that we
sometimes use a different strategy when faced with far more alternatives than we feel that we reasonably can
consider in the time we have available.
• We focus on one aspect (attribute) of the various options, and we form a minimum criterion for that aspect. We then eliminate all options
that do not meet that criterion.
• For the remaining options, we then select a second aspect for which we set a minimum criterion by which to eliminate additional options.
• We continue using a sequential process of elimination of options by considering a series of aspects until a single option remains
In practice, it appears that we may use some elements of elimination hy aspects or satisficing to narrow the
range of options to just a few, then we use more thorough and careful strategies
General phases of decision making (Galotti,
2002)