Reason, Bounded Rationality, and the Lebenswelth

John W Murphy

American Journal of Economics and Sociology, 1992, vol. 51, issue 3, 293-304

Abstract: Abstract Herbert Stmon introduced the concept of bounded rationality to provide a socially sensitive perspective on decision making But he was not entrrely successful in this endeavor Specifically, he has not abandoned the as sumption of perfect rationality All he has done is to recognize that perons rational manner In this paper, and thus are incapable of acting in perfectly rational manner In this paper, the attempt is made to illustrate how Simon's position can be deepened due to the work of a host of modern writers Decistion making, in ohter words, can be made socially sensitive by understanding facts and reason to originate from the I ebensu'elt

Date: 1992
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