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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…

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…

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…

The digital world, cognition and behaviour

Herbert Simon Society call for papers. For a comprehensive overview of Simon’s work by a Who’s Who of writers, check out this collection of essays. Behavioral economicsBounded RationalityCognitionCognitive scienceecological rationalityHerbert SimonheuristicsSocial network