Abstract:
This paper discusses the use of Herbert Simon's concept of bounded rationality in the evolutionary firm of Nelson and Winter. The assumption of bounded rationality (an individual behavior) in a collective context of firm could require some justification. We suggest that the adoption of complex systems view of economics is the key to accommodate both ideas in the effort to construct the theoric foundations of the heterodox microeconomics.
JEL-codes:B41B52 (search for similar items in EconPapers) New Economics Papers: this item is included in nep-hpe Date: Written 2005
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