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Models of Environment

The thirteenth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Marcin Miłkowski Herbert A. Simon is well known for his account of bounded rationality. Whereas classical economics idealized economic agency and framed rational choice in terms of the decision theory, Simon insisted that agents need…

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…

Rationality and the true human condition

The fifth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Ron Sun The notion of rationality is important to many fields in social and behavioral sciences. Herbert Simon’s seminal work on “bounded rationality” and “satisficing” led to broadened conceptions of rationality, which significantly impacted a number of…

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…

“Storify” Version of Q+A

Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon Artificial intelligenceBounded Rationalitycomplexitycomputational intelligenceDecision makingEconomicsFernand GobetHerbert SimonMarcin MiłkowskiMarco NovaresePsychologyrationalismsatisficing

Minds, Models and Milieux: Twitter Q&A

A reminder about our Twitter Q&A tomorrow, Monday 15 February at 8am PST/4pm GMT. The list of participants below, along with the titles of their contributions to the collection — if you can’t join us, a link will provided soon after to an omnibus version: @markpingle — Boundedly Rational Decision-Making under Certainty and Uncertainty: Some Reflections on Herbert Simon @mmarconov…

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…

Herbert Simon

Since I missed marking the birth of Simon on the 15th, here’s a belated posting of an obituary by his student Edward A. Feigenbaum. (I’m pleased to report that my co-edited project with Roger Frantz commemorating the centenary of HS’s birth is coming together very nicely. HS’s daughter has been incredibly responsive towards the project). Herbert…

Herbert Simon as Behavioral Economist

Here is a draft of a co-authored entry for Real World Decision Making: An Encyclopedia of Behavioral Economics. Morris Altman, editor. Santa Barbara: Praeger. Behavioral economicsBounded Rationalitycognitive closuredistributed cognitiondistributed knowledgeExternalismFrederick Winslow TaylorHerbert SimonLuther GulickLyndall Urwickrationalismrationalitysatisficingsituated cognitionStigmergyTuring