  Rationality has been an intriguing topic for several decades. Even the scope
of definition of rationality across different subjects varies. Several theories
(e.g., game theory) initially evolved on the basis that agents (e.g., humans)
are perfectly rational. One interpretation of perfect rationality is that
agents always make the optimal decision which maximizes their expected
utilities. However, subsequently this assumption was relaxed to include bounded
rationality where agents have limitations in terms of computing resources and
biases which prevents them to take the optimal decision. However, with recent
advances in (quantum) computing, artificial intelligence (AI), science and
technology etc., has led to the thought that perhaps the concept of rationality
would be augmented with machine intelligence which will enable agents to take
decision optimally with higher regularity. However, there are divergent views
on this topic. The paper attempts to put forward a recent survey (last five
years) of research on these divergent views. These viewsmay be grouped into
three schools of thoughts. The first school is the one which is sceptical of
progress of AI and believes that human intelligencewill always supersede
machine intelligence. The second school of thought thinks that advent of AI and
advances in computing will help in better understanding of bounded rationality.
Third school of thought believes that bounds of bounded rationality will be
extended by advances in AI and various other fields. This survey hopes to
provide a starting point for further research.
