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Presents the ideas of Herbert Simon and sympathetic economists on the subject of bounded rationality, economics, cognitive science and related disciplines. Also
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Offering alternative models based on such concepts as satisficing(acceptance of viable choices that may not be the undiscoverableoptimum) and bounded rationalit
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Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-ma
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In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational deci
