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Models of Bounded Rationality, Volume 3: Empirically Grounded Economic Reason

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Models of Bounded Rationality, Volume 3: Empirically Grounded Economic Reason image
ISBN-10:

0262519437

ISBN-13:

9780262519434

Author(s): Simon, Herbert A. A.
Released: Jul 29, 1997
Publisher: MIT Press]
Format: Paperback, 476 pages
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Description:

Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bounded rationality (the limited extent to which rational calculation can direct human behavior), Simon shows concretely why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.

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