Bounded Awareness: What You Fail to See Can Hurt You

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Nobel Laureate Herbert Simon introduced the concept of 'bounded rationality' as "a behavioral model in which human rationality is very much bounded by the situation and by human computational powers. In this article, the authors propose that awareness can also be bounded, and that this occurs when people fail to see, seek, use or share highly relevant and readily-perceivable information during the decision-making process. They describe three types of bounded awareness: inattentional blindness, change blindness and focalism. As the authors show, the failure to recognize these psychological limitations poses an even greater danger than the limitations themselves.
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