Satisficing: A decision-making strategy that aims to meet a minimum threshold of acceptability rather than to identify an optimal solution.
Bounded Rationality: The idea that in decision-making, an individual's rationality is limited by the information they have, the cognitive limitations of their mind, and the finite amount of time they have to make a decision.
Cognitive Bias: A systematic error in thinking that occurs when people are processing and interpreting information in the world around them and can lead to deviations from rationality in judgment.