Answer:
a. account for the irrational manner in which humans make decisions.
Step-by-step explanation:
Under traditional economic models, individuals whenever faced with choices and are to decide upon an alternative, will always act rationally and make rational choices and decisions after due consideration, evaluating pros and cons of a decision.
Such models overlooked factors such as emotions and peer influences and other cultural and social factors, which influence consumer decision making process.
The concept of bounded rationality holds that individuals act rationally within the bounds of limited information, the cognitive influence and limited time frame.
Behavioral economics cites other factors such as cognitive bias, an individuals feelings and emotions as well as social influences which account for irrational choices and consumer decisions.
For example, an individual may initially not intend to buy some products that are expensive or which might appear wasteful and yet ends up buying them, on account of social pressure, external influences w.r.t the people around, society, the environment etc.