140 Pages
by
Routledge
140 Pages
by
Routledge
140 Pages
by
Routledge
Also available as eBook on:
Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but... Read more
1. Behavioural economics and bounded rationality Chapter 2. Recent developments in the behavioural economics literature: a survey 3. Recent developments in the bounded rationality literature: a survey 4. Audiences and impact 5. Commonality and differentiation: examined and evaluated 6. Towards an abstract behavioural framework 7. Concluding thoughts
Biography
Graham Mallard is the Head of Economics at Cheltenham College and a Visiting Research Fellow at the University of Bath, UK.
“These chapters highlight the different perspectives that economists and psychologists bring to a discussion of choice behavior. The focus of bounded rationality theory is less on describing the choices that individuals make and more on assessing the general consequences of one set of constraints or another.” -Gordon Pitz, PhD, Adjunct professor at the University of North Carolina–Chapel Hill and Professor Emeritus at Southern Illinois University–Carbondale
