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On How to Decide What to Do

Herbert Simon

Bell Journal of Economics, 1978, vol. 9, issue 2, 494-507

Abstract: Economics, which has traditionally been concerned with what decisions are made rather than with how they are made, has more and more reason to interest itself in the procedural aspects of decision, especially to deal with uncertainty, and more generally, with nonequilibrium phenomena. A number of approaches to procedural rationality have been developed in such fields as operations research and management science, artificial intelligence, computational complexity, and cognitive simulation which might be of considerable value to economics as it moves in this new direction.

Date: 1978
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