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Nobel Laureate Dr. Daniel Kahneman - Pioneer of Psychology of Decision Making (The Saad Truth with Dr. Saad_655)

The Saad Truth with Dr. Saad

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Understanding Bounded Rationality and Decision Making

Exploring Herb Simon's concept of bounded rationality in decision-making, contrasting it with classical economic views. The chapter discusses normative decision making, the concept of homo economicus, and the transitivity axiom. It also touches on framing effects, procedural invariance, and the impact of psychological phenomena on decision outcomes.

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