is the idea that proposes that the ability of decision makers to be rational is limited by numerous constraints, such as complexity, time, cognitive capacity, values, skills, habits, and unconscious reflexes.

Bounded rationality

Explanation:

Bounded rationality: The term "bounded rationality" was proposed by Herbert Simon, and is described as a phenomenon that tends to challenge the "human rationality notion" as it was previously implied via the "homo economicus" concept.

In other words, bounded rationality is determined as an idea that has been found in the process of decision-making and signifies that an individual's rationality is considered as limited through the various information he or she possesses, finite time that is taken by him or her to make decision, and the different cognitive limitations of his or her mind.

In the question above, the given statement signifies the bounded rationality.

manifest functions are the recognized and intended consequences of any social pattern, while latent functions are those unrecognized and unintended consequences. to analyze the manifest functions of any social institution, we have to study its contribution to the continuation of a group, community, or society.