Razionalit? ed efficienza nel programma di ricerca di Herbert Simon

Liliana Basile

STUDI ECONOMICI, 2002, vol. 2002/78, issue 78

Abstract: Rationality and Efficiency in Herbert Simon?s Research Program (di Liliana Basile) - ABSTRACT: Simon?s bounded rationality assumption is not to be interpreted as an adaptation of the neoclassical assumption of global rationality (i.e., it is not something to decide once for all contexts), but as an ?appropriate? rationality assumption (i.e. as an empirically based rationality). As a consequence, the notion of bounded rationality can be understood as a set of conditions which determine a special context of (non-completable) contractual incompleteness. In this way Simon?s Research Program becomes a general logical framework for both the criticisms to neoclassical framework which are included in two of the recent approaches to the organizational theory of the firm: Transaction Costs Economics (which takes into account uncertainty on future troughout bounds to rationality) and the New Property Rights Theory (where the efficiency is based on a comparison among possible property rights allocations, accepting sub-optimal solutions).

Date: 2002
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