Flexibly-bounded Rationality and Marginalization of Irrationality
  Theories for Decision Making
  In this paper the theory of flexibly-bounded rationality which is an
extension to the theory of bounded rationality is revisited. Rational decision
making involves using information which is almost always imperfect and
incomplete together with some intelligent machine which if it is a human being
is inconsistent to make decisions. In bounded rationality, this decision is
made irrespective of the fact that the information to be used is incomplete and
imperfect and that the human brain is inconsistent and thus this decision that
is to be made is taken within the bounds of these limitations. In the theory of
flexibly-bounded rationality, advanced information analysis is used, the
correlation machine is applied to complete missing information and artificial
intelligence is used to make more consistent decisions. Therefore
flexibly-bounded rationality expands the bounds within which rationality is
exercised. Because human decision making is essentially irrational, this paper
proposes the theory of marginalization of irrationality in decision making to
deal with the problem of satisficing in the presence of irrationality.
