‘As March and Simon point out, there seems to exist a ‘Gresham‘s law of decision-making.’ Comment.

[Smith]

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[Follet]

The idea of Gresham's law points out how the good decisions in an organization are driven out by bad decisions. Simon has described through bounded rationality that any decision is encountered by external and internal impediments (personal subjectivities). Here, the external impediment is accounted by

1. Information overload 

2. Information shortage 

In the former case, the incapacity of the decision maker to analyse the whole information renders incomplete analysis which is supplemented through value judgments. Similarly, in latter case, the information shortage necessitates the substitution  of missing facts with personal values involving biases and prejudices.Such situation creates a sub standard decision which in-turn has a cascading effect on consequent decisions as well. Overall, it decreases rationality in overall organizational functioning. 

However, SImon while describing this has proposed solutions which include

1. Management Information system - for collecting, collating, storing and sharing information thereby acting as decisional support system

2. Information processing model - such as artificial intelligence , super computing , programming etc. 

In India, planning process just after the independence is criticized on same grounds, where a non participatory, inward looking bureaucratic planning resulted in  plans which failed to found good results in practice. This  issue has seen a transformation  in decision making which has increased objectivity, rationality and fact oriented decisions. 

Thus, gresham's law in decision making is applicable.