Results 211 to 220 of about 3,151 (261)

The Bounded Rationality Theory, the Rational Choice Theory or the Methodological Individualism

On the W@terfront, 2004
The bounded rationality theory (BRT) has been perceived by social scientists as a more flexible version of the rational choice theory (RCT), also called expected utility theory. The former has the avantage of taking into consideration the fact that information is generally costly. It corrects the RCT on an important point.
exaly   +2 more sources

Herbert A. Simon and Contemporary Theories of Bounded Rationality [PDF]

SSRN Electronic Journal, 2009
Firstly, the paper seeks to show that Simon's notion of bounded rationality should be interpreted in light of its connection with artificial intelligence. This connection points out that bounded rationality is a highly structured concept, and sheds light on several implications of Simon's general view on rationality, especially as regards ...
openaire   +2 more sources

BRINK: Initial theory on bounded rationality and inconsistent knowledge

2012 IEEE 11th International Conference on Cognitive Informatics and Cognitive Computing, 2012
The theory of bounded rationality takes into consideration the cognitive limitations of decision makers in accomplishing their goals and emphasizes on satisficing behaviors when searching for solutions. One of the hallmarks of rational behaviors in decision-making process is embodied in how to cope with inconsistency.
Du Zhang, Mehmet A. Orgun
openaire   +1 more source

Bounded Rationality, Meta-Rationality and the Theory of International Business

1999
The concept of bounded rationality is often applied to international business behaviour (see for example Kogut and Zander, 1993). It is a key element in Williamson’s (1975) version of transaction cost theory, and underpins Hedlund’s (1993) arguments in favour of the ‘heterarchy’ — otherwise known as the ‘network firm’.
Mark Casson, Nigel Wadeson
openaire   +1 more source

Bonn Workshop 1997—Theories of Bounded Rationality

Experimental Economics, 1998
The Bonn Workshop 1997—Theories of Bounded Rationality, (May 6-10, 1997) was an international meeting of researchers interested in behavioral theories in economics. It was held in honor of Reinhard Selten. One goal of the workshop was to provide a platform for the introduction of new theories improving the understanding for the ...
Bettina Kuon, Abdolkarim Sadrieh, Reinhard Selten   +2 more
openaire   +1 more source

Bounded Rationality in Choice Theory: A Survey

Journal of Economic Literature
A vibrant literature incorporates elements of bounded rationality into choice theory. We survey this work, discussing five central ways in which the literature has modeled departures from the rational choice procedure. We discuss the variety of purposes axiomatic choice characterizations serve for these positive theories, delve into experimental tests,
Geoffroy de Clippel, Kareen Rozen
openaire   +1 more source

Forms of Bounded Rationality in Economic Theory

Rivista italiana degli economisti, 2011
In this work the theory of nonlinear dynamical systems is applied to economic and financial models where agents are characterized by bounded rationality.
openaire   +3 more sources

Cognitively bounded rational analyses and the crucial role of theories of subjective utility

Behavioral and Brain Sciences, 2020
Abstract We agree that combining rational analysis with cognitive bounds, what we previously introduced as Cognitively Bounded Rational Analysis, is a promising and under-used methodology in psychology. We further situate the framework in the literature, and highlight the important issue of a theory of subjective utility, which is not addressed ...
Richard L. Lewis, Andrew Howes
openaire   +2 more sources

Semi-normative theories based on bounded rationality

Journal of Economic Psychology, 1992
Abstract An attempt is made to classify descriptive economic theories by various qualitative properties. To close the gap between normative and descriptive theories one can not only postulate a good descriptive quality of a normative theory but also sufficient normative qualities of a descriptive theory.
openaire   +1 more source

Conventions in Herbert Simon’s theory of bounded rationality

Journal of Economic Psychology, 2009
This paper offers a reconstruction of Herbert Simon’s decision theory from the conventionalist point of view. It is argued that Simon defined two types of conventions in organizational settings: the first one was specified as a set of customary rules in the workplace, the second one as a shared cognitive model of reality.
openaire   +1 more source