8. Models of Decision Making

Summary
Classical Decision-Making Model: Emphasizes rational decision-making with complete information and optimization, often considered idealistic due to its unrealistic assumptions.
Administrative (Bounded Rationality) Model: Recognizes the limitations of human cognition and decision-making constraints, focusing on satisficing and practical solutions.
Herbert Simon's Model: Expands on bounded rationality by detailing the decision-making phases and incorporating the concepts of satisficing and incrementalism, providing a more nuanced understanding of real-world decision-making.
Each model offers valuable insights into how decisions are made and helps in understanding the various factors and constraints that influence the decision-making process.