Models of Bounded Rationality: Empirically Grounded Economic Reason

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Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bounded rationality (the limited extent to which rational calculation can direct human behavior), Simon shows concretely why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.

Models of Bounded Rationality: Empirically Grounded Economic Reason 1997, Mit Press, Cambridge

ISBN-13: 9780262193726

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Models of Bounded Rationality: Empirically Grounded Economic Reason 1997, Mit Press, Cambridge

ISBN-13: 9780262519434

Trade paperback

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