Abstract
Bounded rationality, which was introduced by Herbert Simon, prescribes the limits of rationality in humans. Flexibly bounded rationality extends the bounded rationality theory due to the relaxed limitations of the information and intelligent machine in decision-making. This chapter further observes that developments in society, economy, and technology improve the effectiveness of AI machines (Moore’s Law) as well as human intelligence (Flynn effect). Because of these reasons, decisions taken today by humans or computers can be taken more rationally in the future. The chapter introduces the concept of perpetually delayed satisficing meaning to satisfice; we ought to wait into the future, which will be perpetual or until we cease to make all technological developments. This chapter studies the work done in radiology where both the AI machine and human beings are used to diagnose diseases from medical images and concluded that the AI machine is more rational than the human being.
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