Models of Bounded Rationality. Volume 3

Empirically Grounded Economic Reason

Auteurs

Herbert Alexander Simon

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Affaires et économie
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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.