Question

Recognizing that the classical economic man’s global rationality was unattainable in real life, Simon set out to “bound” the decision-making factors. Which strategies did Simon suggest might reflect actual decision making practices: a. Simplify the pay-off function, e.g. acceptable or unacceptable b. Focus information gathering around initially promising alternatives c. Partial ordering of pay-offs, e.g. constraints on satisfactory pay-offs d. All of the above

Answer 1

The answer is option “D”  

i.e. -> All of the above.

Because,

Simon decision making model consist of four phases :

1. Intelligence phase

2. Design phase

3. Choice phase

4. Monitor phase

In given situation all of the phases are involved like when we are simplifying the payoff function is in design phase where we evaluate the problem and find solution, Focus information gathering around initially promising alternatives is intelligence phase where we gather information about the problem, Partial ordering of pay-offs, e.g. constraints on satisfactory pay-offs is monitor phase where we monitor if the solution that we found is working correctly or not.