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In this paper the theory of flexibly-bounded rationality which is anextension to the theory of bounded rationality is revisited. Rational decisionmaking involves using information which is almost always imperfect andincomplete together with some intelligent machine which if it is a human beingis inconsistent to make decisions. In bounded rationality, this decision ismade irrespective of the fact that the information to be used is incomplete andimperfect and that the human brain is inconsistent and thus this decision thatis to be made is taken within the bounds of these limitations. In the theory offlexibly-bounded rationality, advanced information analysis is used, thecorrelation machine is applied to complete missing information and artificialintelligence is used to make more consistent decisions. Thereforeflexibly-bounded rationality expands the bounds within which rationality isexercised. Because human decision making is essentially irrational, this paperproposes the theory of marginalization of irrationality in decision making todeal with the problem of satisficing in the presence of irrationality.

Flexibly-bounded Rationality and Marginalization of Irrationality Theories for Decision Making