Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.
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Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.
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- What principles form the basis of the rational decision-making model and what are its major dimensions? What is the difference between that and the bounded rational approach to decision-making.What are the limitations and criticisms of decision theory as a framework for decision- making? Are there alternative theories or approaches that address these limitations?Explain the Rational decision-making, Bounded rationality decision-making and Intuitive decision-making. Give one example of each