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Boundedly Rational Decision-Making under Certainty and Uncertainty: Some Reflections on Herbert Simon

The sixth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Mark Pingle Introduction Our collective rationality became more bounded on February 9, 2001. Herbert Simon emphasized we humans are cognitively constrained, and those constraints impact our decisions. Yet, Herbert Simon’s mind was less constrained than most of…

Boundedly Rational Decision-Making under Certainty and Uncertainty: Some Reflections on Herbert Simon

The sixth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Mark Pingle Introduction Our collective rationality became more bounded on February 9, 2001. Herbert Simon emphasized we humans are cognitively constrained, and those constraints impact our decisions. Yet, Herbert Simon’s mind was less constrained than most of…