Bounded Rationality
(reading time – 20 sec.)

The idea that in decision-making, people are limited by the information they have, the cognitive limitations of their minds, and the finite time. As a result, they seek for a “good enough” decision and tend to make a satisficing (rather than maximizing or optimizing) choice.
For example, during shopping when people buy something that they find acceptable, although that may not necessarily be their optimal choice.

Topic: #CognitiveBiases
Source: Wikipedia