Bounded Rationality

Steven Rosefielde and Ralph W. Pfouts

Chapter 4 in Inclusive Economic Theory, 2014, pp 33-36 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The Philosophes, forefathers of today's rational economic theorists, never claimed that human reason was divine or unbounded, contending only that normally distributed rational powers were sufficient to assure that every utility-seeker could realize his or her self-perceived potential. This “warts and all” individualist standard is sensible and informs most modern discussions of complete optimization…

Keywords: Inclusive Economic Theory; Satisficing; Systems; Culture (search for similar items in EconPapers)
Date: 2014
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