Imagine standing in front of a vast buffet, plates in hand, faced with hundreds of dishes from around the world. Your stomach growls, but you know you can’t possibly try everything. So, you pick a few items that catch your eye—perhaps a familiar pasta dish, a colorful salad, and something exotic to satisfy your curiosity. You walk away content, even though there might have been a gourmet delicacy hidden among the options. This scenario mirrors how we make decisions in our daily lives, often settling for choices that are “good enough” rather than optimal. This concept is known as bounded rationality , a term coined by Nobel Prize-winning economist Herbert A. Simon. Bounded rationality describes how we make decisions within the constraints of limited knowledge, time, and cognitive capacity. Instead of tirelessly pursuing the perfect solution, we often “satisfice”—a blend of “satisfy” and “suffice”—by selecting an option that meets our basic needs. Everyday Examples of Bounded Rationali...