Forms of Bounded Rationality: The Reception and Redefinition of Herbert A. Simon's Perspective

Stefano Fiori

Review of Political Economy, 2011, vol. 23, issue 4, 587-612

Abstract: First, the paper seeks to show that Herbert Simon's notion of bounded rationality should be interpreted in light of its connection with artificial intelligence. Second, offering four paradigmatic examples, the article presents the view that recent approaches that draw upon Simon's heterodox theory only partially accept the teachings of their inspirer, splitting bounded rationality from the context of artificial intelligence, and replacing it with different analytical tools that help give new configurations to bounded rationality. The thesis is that these events can be interpreted as an implicit (and ideal) challenge for redefining what bounded rationality is.

Date: 2011
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DOI: 10.1080/09538259.2011.611624

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