Herbert A. Simon and the concept of rationality: Boundaries and procedures

Gustavo Barros

Brazilian Journal of Political Economy, 2010, vol. 30, issue 3, 455-472

Abstract: This paper discusses Herbert A. Simon’s conception of rationality in two of its principal general definitions: bounded rationality and procedural rationality. It argues that the latter is the one that better synthesizes the author’s view about rational behavior and that the former fills mainly a critical function. They are complementarily used by Simon in this sense. In spite of that, it is argued that it is the low degree of specificity of the concept of bounded rationality one of the reasons for its relatively greater success. JEL Classification: D01; B31; B52.

Keywords: Herbert A. Simon; bounded rationality; procedural rationality (search for similar items in EconPapers)
Date: 2010
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Working Paper: Herbert A. Simon and the Concept of Rationality: Boundaries and Procedures (2007)
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