Law of Requisite Parsimony

On the meaning of the term parsimony

Merriam-Webster defines parsimony as the quality of being very unwilling to spend money. In the context of discussing complex problems, the meaning is about being careful not to overload the cognitive abilities of the participants. The Greek term that best fits the meaning is φειδώ (Example: Η κατανάλωση νερού και ρεύματος, πρέπει να γίνεται με φειδώ).

Miller 1956 Warfield 1988

bounded rationality Bounded rationality is the idea that in decision-making, rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.