Bounded rationality and decision-making in complex systems

Tatiana Massaroli Melo () and José Ricardo Fucidji ()

Brazilian Journal of Political Economy, 2016, vol. 36, issue 3, 622-645

Abstract: This article aims to present the behavioral model of bounded rationality proposed by Herbert Simon as a framework to analyze the process of decision-making of agents in complex systems, characterized by non-ergodicity and developing open trajectories. The article presents the notion of logically consistent choice and contrasts it with the axiomatic analysis of the neoclassical theory. It argues for the use of computer simulation models, like agent-based modeling (ABM) as a suitable tool for analyzing complex systems. JEL Classification: B41; B52.

Keywords: bounded rationality; complex systems; simulation models (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ekm:repojs:v:36:y:2016:i:3:p:622-645:id:199

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