Bounded rationality
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Bounded rationality is the idea that rationality is limited when individuals make decisions, and under these limitations, rational individuals will select a decision that is satisfactory rather than o
Oudewater waitress 2010 07 18
Herbert A. Simon
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Herbert Alexander Simon was an American scholar whose work influenced the fields of computer science, economics, and cognitive psychology. His primary research interest was decision-making within orga
Bounded rationality
…different disciplines, including political science, economics, psychology, law, philosophy, and cognitive science. Bounded rationality was coined by Herbert A. Simon, where it was proposed as an alternative basis for the mathematical and neoclassical economic modelling of decision-making, as used in economics…
Simon c. 1981
Simon (left) in a chess match against Allen Newell c. 1958