Bounded Rationality Essay

1957 Words Jun 13th, 2013 8 Pages
ASSIGNMENT/ASSESSMENT ITEM COVER SHEET YU
YU
XIAN
XIAN

Student Name: FIRST NAME Family / last NAME Student Number: 3190930 Email: C3180214@uon.edu.au

Course Code Course Title MANAGEMENT UNDER UNCERTAINTY
MANAGEMENT UNDER UNCERTAINTY
1
1
0
0
0
0
6
6
S
S
B
B
S
S
G

G

(Example) (Example) Intro to University Intro to University
3
3
2
2
1
1
D
D
C
C
B
B
A
A
4
4
…show more content…
I certify that any electronic version of this assessment item that I have submitted or will submit is identical to this paper version.

Turnitin ID:
(if applicable) Signature: ___YUSHIE __________________________________________________ Date: ___23/06/2013_____ Summary

This essay will present Bounded rationality theory (Sheshinski, 2003) to explain the decision making process that I have observed in Party World KALAOK entertainment canter and also use this theory to reflect on my reasons for making that decision. There are three types rooms in Party World, mini rooms (contain 2-3ppl), medium rooms (contain 4-6ppl) and large rooms (7-10ppl). In one typical Friday night, all rooms were occupied except a small size room, at that time, 5 walks in customers came and asked the receptionist if there is available room for them. According to the front desk operation system, there is not a available medium size room for them, so the receptionist told them that all the rooms are occupied and she will put them on waiting list and notice them immediately if there was a medium size room available. Few minutes later, 2 walks in customer and purchase the mini room. One hour later, approaching the closing time, a big size room showed vacancy again in system, the receptionist thought the size is still not available for the waiting list guest and she decided not mention them. However,

Related Documents