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2020
The theory of bounded rationality, proposed by Herbert A. Simon (1957), is a progenitor of the behavioral turn in modern economics. It provided a viable and realistic alternative to the idea of homo economic us and the optimality criterion of utility maximization. Simon called his alternative criterion satisficing, the decision-making process whereby a
Stefan Rass +3 more
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The theory of bounded rationality, proposed by Herbert A. Simon (1957), is a progenitor of the behavioral turn in modern economics. It provided a viable and realistic alternative to the idea of homo economic us and the optimality criterion of utility maximization. Simon called his alternative criterion satisficing, the decision-making process whereby a
Stefan Rass +3 more
+5 more sources
Rationality and Bounded Rationality
Games and Economic Behavior, 1997The author enumerates five objections against various economic models. In particular, he argues that there is no unified theory of bounded rationality, but that the development of computer science, complexity theory and so on created an intellectual climate conducive to the development of the theory of bounded rationality. Specially, the preparation of
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Polynomially Bounded Rationality
Journal of Economic Theory, 1994zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Rationalizing epistemic bounded rationality
Theory and Decision, 2014zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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2022
Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R.
Sanjit Dhami, Cass R. Sunstein
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Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R.
Sanjit Dhami, Cass R. Sunstein
openaire +1 more source
Energy-related behaviour and rebound when rationality, self-interest and willpower are limited
Nature Energy, 2021Filippos Exadaktylos +1 more
exaly