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Synopsis
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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About the Author
Herbert Simon is Professor of Psychology at Carnegie-Mellon University. He was awarded the Nobel Prize in economics in 1978.
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Models of Bounded Rationality, Volume 3: Empirically Grounded Economic Reason
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Models of Bounded Rationality: Emperically Grounded Economic Reason: Vol 3
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