‘Bounded Rationality’

“Herbert Simon introduced the term ‘bounded rationality’ as a shorthand for his brief against neoclassical economics and his call to replace the perfect rationality assumptions of homo economicus with a conception of rationality tailored to cognitively limited agents. ‘Broadly stated, the task is to replace the global rationality of economic man with the kind of rational behavior that is compatible with the access to information and the computational capacities that are actually possessed by organisms, including man, in the kinds of environments in which such organisms exist …'” (more)

Stanford Encyclopedia of Philosophy. Article first published Fri Nov 30, 2018.

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