Models of Bounded Rationality: Empirically grounded economic reason
| Author | : Herbert Alexander Simon |
| Publisher | : MIT Press |
| Total Pages | : 486 |
| Release | : 1997 |
| ISBN-10 | : 0262193728 |
| ISBN-13 | : 9780262193726 |
| Rating | : 4/5 (726 Downloads) |
Book Synopsis Models of Bounded Rationality: Empirically grounded economic reason by : Herbert Alexander Simon
Download or read book Models of Bounded Rationality: Empirically grounded economic reason written by Herbert Alexander Simon and published by MIT Press. This book was released on 1997 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bouded rationality (the limited extent to which rational calculation can direct human behaviour), Simon shows why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.