Physical Chemistry new findings the science that studies the behavior of individuals, households, and organizations, when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an scientific problem, subject to study by scientific, when a decision is made by one or more resource controlling players to attain the best possible outcome under bounded rational conditions. In other words, resource controlling agents maximize value subject to the constraints imposed by the information the agents have, their cognitive limitations, and the finite amount of time they have to make and execute a decision.
Last date updated on September, 2014