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Evolving Norms: Cognitive Perspectives in Economics

This book presents institutional evolution and individual choice as codependent results of behavioral patterns. Drawing on F.A. Hayek’s concepts of cognition and cultural evolution, Teraji demonstrates how the relationship between the sensory and social orders can allow economists to track social norms and their effects on the global economy. He redirects attention from the conventional…

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Commemorating the Centennial of Herbert Simon’s birth

As many Simon aficionado’s will know, this year sees several conferences and publications marking the centenary of his birth. So on this note, yet another plug for Minds, Models and Milieux Commemorating the Centennial of the Birth of Herbert Simon but also to mention some upcoming Herbert Simon Society events (it’s somewhat reassuring given the disrepair of the delusional EU…

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Multiple Equilibria, Bounded Rationality, and the Indeterminacy of Economic Outcomes: Closing the System with Institutional Parameters

The tenth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Morris Altman A critical point made by behavioral economists from a wide set of methodological perspectives is that individuals typically do not make decisions that are consistent with conventional economic theoretical norms of rational…

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From Bounded Rationality to Expertise

The ninth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Fernand Gobet Introduction Historically, a pervasive assumption in the social sciences, in particular economics, is that humans are perfect rational agents. Having full access to information and enjoying unlimited computational resources, they maximise utility when…

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Towards a Rational Theory of Heuristics

The third in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Gerd Gigerenzer Herbert Simon left us with an unfinished task: a theory of bounded rationality. Such a theory should make two contributions. For one, it should describe how individuals and institutions actually make decisions. Understanding this process would advance…

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Mind, Models and Milieux — A Twitter Chat

Please join my very excellent contributors Mark Pringle @markpingle (Boundedly Rational Decision-Making under Certainty and Uncertainty: Some Reflections on Herbert Simon), Marco Novarese @mmarconov ((Simon’s (Lost?) Legacy in Agent-Based Computational Economics)), and myself @M_W_Q for a live Twitter chat about Herb Simon — to be conducted by @PalgraveEcon taking place on the 15th Feb at 8am PST & 4pm GMT. Behavioral economicsBounded RationalityHerbert…

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Minds, Models and Milieux

Commemorating the Centennial of the Birth of Herbert Simon — published today. Artificial intelligenceBehavioral economicsBounded RationalityCognitive scienceDecision makingHerbert SimonMinds Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon