The standard model of knowledge, , consists of state space, , and possibility correspondence, . Usually, it is assumed that satisfies all knowledge axioms (Truth Axiom, Positive Introspection Axiom, and Negative Introspection Axiom). Violating at least one of these axioms is defined as epistemic bounded rationality (EBR). If this happens, a researcher may try to look for another model, , which generates the initial model, , while satisfying all knowledge axioms. Rationalizing EBR means that the researcher finds such a model. I determine when rationalization of EBR is possible. I also investigate when a model, , which satisfies all knowledge axioms, generates a model, , which satisfies these axioms as well.