Bounded Rationality
Bibliographic Data
| ID | 7076598 |
|---|---|
| Authors | Dieter Bogenhold (0000-0003-2893-3534, University of Klagenfurt, corresponding author) |
| Year | 2016 |
| Pages | 1-2 |
| Publication date | 2016-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | OTHER |
| Venue | The Blackwell Encyclopedia of Sociology (JOURNAL) |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/9781405165518.wbeos0787 |
| OpenAlex | W4238071133 |
| ISBN | 9781405165518 |
| Language | EN |
| References cited | 4 |
The famous formulation of bounded rationality goes back to Herbert Simon, who contributed widely to decision theory. His principal research question is: How do human beings reason when the conditions for rationality postulated by neoclassical economics are not met? The concept of bounded rationality takes into account three facts: that agents often act in ways that could be characterized as nonrational behavior driven by emotions; that access to information is limited, since people do not share the same bits of the information that is necessary for deciding among alternatives; and that, even in a situation of equally shared information, human beings are characterized by cognitively diverse and also limited skills. Among others, D. Kahneman in economics and J. Elster in sociology conducted further pioneering work on bounded rationality. Recent research programs on well‐being and happiness, emotions and (ir)rationality can be seen as following in the footsteps of earlier ideas of bounded rationality
Bounded function · Bounded rationality · Ecological rationality · Economics · Epistemology · Happiness · Mathematical economics · Microeconomics · Positive economics · Rationality · Sociology · Decision-Making and Behavioral Economics · Economic Theory and Institutions · Experimental Behavioral Economics Studies · Mathematics · Philosophy · Psychology · Social Psychology
| Citation velocity | historical |
|---|---|
| Highly cited | No |