Sargent versus Simon: Bounded Rationality Unbound

Esther-Mirjam Sent ()

Cambridge Journal of Economics, 1997, vol. 21, issue 3, 323-38

Abstract: T. J. Sargent called his latest venture Bounded Rationality in Macroeconomics and tried to make connections with H. A. Simon's program of bounded rationality and artificial intelligence. The irony is that rational expectations theory, born from the same mother--Carnegie Mellon University--as bounded rationality, after trying to kill her big sister, then apparently came around to embracing her in the person of Sargent. But was Simon's interpretation of bounded rationality the same as Sargent's? Did Simon and Sargent mean the same by artificial intelligence? Not quite. The different interests of Sargent and Simon resulted in vastly different interpretations of bounded rationality and artificial intelligence. Copyright 1997 by Oxford University Press.

Date: 1997
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