Excerpt from Strategy & Leadership
“Herbert Simon received the Nobel Prize in economics in 1978 for his work on the paradoxical nature of decision making. Coining the term ‘bounded rationality’, he observed that uncertainty is an inextricable part of the process, and that the only way to make decisions and be ‘rational’ is to invent parts of the picture that don’t exist because they lie somewhere in the future or beyond our ability to calculate…”
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