A double-edged metaphor: Simon and the scissors of bounded rationality

Enrico Petracca

Chapter 7 in Elgar Companion to Herbert Simon, 2024, pp 131-147 from Edward Elgar Publishing

Abstract: This chapter discusses a central metaphor in the thought of Herbert Simon that depicts rationality as a pair of scissors in which one blade represents agents’ cognitive limitations and the other blade the structure of task environments. I show how Simon’s flexible use of the metaphor gave rise to three different versions of bounded rationality detectable in his oeuvre. Simon1 represents the adaptive version for which he is well known, while Simon2 and Simon3 represent respectively a cognitive-driven and an environment-driven version of bounded rationality. I also discuss the significant consequences that such a plurality of versions has brought to the field of judgment and decision making.

Keywords: Business and Management; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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