Advanced Introduction to Bounded Rationality

Elgar Advanced Introductions series

克莱门特末。Tisdell, formerly Professor Emeritus, School of Economics, The University of Queensland, Australia

Offering a concise and engaging overview of the concepts of bounded rationality and their applications, this stimulating Advanced Introduction engages with the topic in a constructively critical manner, introducing new ideas. Chapters cover key topics including: optimally imperfect decisions; ecological rationality; the role of bounded rationality in evolutionary economics; satisficing as a response to bounded rationality; desirable types of economic decisions; the relational exercise of foresight; and the impact of bounded rationality of the efficiency of organizations.

‘This book is essential reading for those interested in bounded rationality as a framework to understand economic decision making. This well-written book explains how Herbert Simon’s original insight of bounded rationality underlies some of the most basic concepts of economics including constrained optimization, satisficing, and the cross-cultural regularities in human decision making uncovered by behavioral economics.’
– John Gowdy, Rensselaer Polytechnic Institute, US

‘This is a very scholarly and comprehensive look at bounded rationality, a core subject in the behavioural sciences. . . Essential reading. . . It provides an unusually balanced view of the subject.’
– Konstantinos Katsikopoulos, University of Southampton, UK