Ecoshastra by Nandini

“The most insubordinate obstacle you will encounter is your own limited thinking.” ~Bryant H. McGill (American activist) This quote highlights one of the most important factors of decision making, not only in economics but in other subjects like finance and psychology as well- Bounded Rationality. Bounded Rationality is a concept given by Herbert Simon, much contradictory to the idea of homo economicus. This concept forms the psychological basis of Behavioral Economics and is used as an important assumption in thinking models and heuristics. In our everyday life, we might often feel that we are missing out on information, like not knowing about what are the current trends in the fashion sector, about a new cafe in town or simply not knowing about the Wednesday discounts at the fried chicken and pizza store. But, in reality, we all are overloaded with information, so much information, that our brain is not able to process and capture all of it, so, it simply remembers the easier,