Editing Rational choice model (section)

===The limits of rationality===
As mentioned above, some economists have developed models of [[bounded rationality]], such as Herbert Simon, which hope to be more [[Psychology|psychologically]] plausible without completely abandoning the idea that [[reason]] underlies decision-making processes. Simon argues factors such as imperfect information, uncertainty and time constraints all affect and limit our rationality, and therefore our decision-making skills. Furthermore, his concepts of 'satisficing' and 'optimizing' suggest sometimes because of these factors, we settle for a decision which is good enough, rather than the best decision.<ref>{{Cite journal|last1=Loasby|first1=B. J.|last2=McGuire|first2=C. B.|last3=Radner|first3=R.|date=December 1972|title=Decision and Organisation: A Volume in Honor of Jacob Marschak.|url=http://dx.doi.org/10.2307/2231324|journal=The Economic Journal|volume=82|issue=328|pages=1414|doi=10.2307/2231324|jstor=2231324 |issn=0013-0133|url-access=subscription}}</ref> Other economists have developed more theories of human decision-making that allow for the roles of [[uncertainty]], [[institutions]], and determination of individual tastes by their socioeconomic environment (cf. Fernandez-Huerga, 2008).