Chapter 105 Rationality the Fast and Frugal Way: Introduction This chapter focuses on bounded rationality as the study of heuristics that can exploit structures of their environments we use the term ecological rationality. If one focuses only on cognitive limitations one can hardly understand why cognition works as well as it does just as looking at one blade alone does not explain how scissors cut. Simons use of the term cognitive limitations (as opposed to neutral terms such as cognitive heuristics) is unfortunate because it has been taken to imply poor performance. However equating limits with failure and lack of limits with success may underlie a deep misunderstanding about the consequences of omniscience. An unlimited memory for instance could be disastrous: The sheer mass of details stored could critically slow down and inhibit the retrieval of the few important experiences when they are needed. And too much information would impair the minds ability to abstract infer and learn.