Seminar paragraph. Define Ecological Rationality and Its Relationship with Bounded Rationality

Rationality
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Rationality
Define Ecological Rationality and Its Relationship with Bounded Rationality
Ecological rationality is a premise that claims a decision’s rationality is dependent on the conditions that formed its occurrence so as to accomplish an individual’s goals in the specified context. Conversely, the “rational choice theory” claims that rationality that is practical involves decision-making processes that adhere to some rigid rules. The theory disregards the context that ecological rationality supports (Gigerenzer, 2016). On the other hand, bounded rationality refers to the idea that the decision-making process, individual’s rationality is confined in the scope of knowledge that they have. It is also in their mind’s limitations and the endless time given to reach the decision (Gigerenzer, 2016). The difference between the ecological and bounded rationality is that the former aims ...