decision making in which the processes used are rational within the constraints imposed by (a) limitations in the individual’s knowledge; (b) human cognitive limitations generally; and (c) empirical factors arising from the complex, real-life situations in which decisions have to be made. The concept was introduced by Herbert A. Simon as a corrective to the assumption of classical economic theory that individuals can and will make ideally informed and rational decisions in pursuit of their own self-interest (see rational-economic man). See procedural rationality; substantive rationality. See also satisfice.