Synopsis
Excerpt from System Dynamics: Portraying Bounded Rationality
There are major exceptions to the general statement that system dynamicists have not attempted to communicate their philosophy, for example in papers by Meadows [1] and Andersen which compare and contrast the system dynamics paradigm to other prevalent mathematical modeling paradigms. This paper adds a new dimension to the work of Meadows and Andersen by focusing on the implicit assumptions that system dynamics makes about human decision-making processes.
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Paperback. Condition: New. Print on Demand. This book delves into the fascinating realm of human decision-making, exploring the intersection of system dynamics and the renowned Carnegie School of thought. It challenges the notion of perfect rationality in complex systems, arguing that human cognitive limitations play a crucial role in shaping organizational behaviour. Drawing upon the groundbreaking work of Herbert Simon and others, the author sheds light on the 'principle of bounded rationality,' which posits that individuals make decisions based on limited information and simplified mental models. The book then delves into the practical implications of this principle, using Forrester's Market Growth Model as a case study to illustrate how organizational structures and policies reflect bounded rationality. Through insightful analysis and simulation experiments, the author demonstrates how seemingly rational decisions within individual subunits can lead to unintended consequences and suboptimal outcomes for the organization as a whole. This book offers valuable insights for understanding the complexities of decision-making in organizations, highlighting the need to consider the cognitive limitations of individuals and the intricate web of feedback loops that govern system behaviour. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9780366525171_0
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System Dynamics Portraying Bounded Rationality Classic Reprint
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9780366525171
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System Dynamics Portraying Bounded Rationality Classic Reprint
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LW-9780366525171
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