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Bounded Rationality and Behavioural Economics (Paperback)
Loot Price: R1,384
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Bounded Rationality and Behavioural Economics (Paperback)
Series: Routledge Advances in Behavioural Economics and Finance
Expected to ship within 12 - 17 working days
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Economics Nobel Laureate Herbert Simon developed the concept of
bounded rationality in the 1950s. This asserts that the cognitive
abilities of human decision-makers are not always sufficient to
find optimal solutions to complex real-life problems, leading
decision-makers to find satisfactory, sub-optimal outcomes. This
was a foundational component of the development of Behavioural
Economics but in recent years the two fields have diverged, each
with its own literature, its own approach and its own proponents.
Behavioural Economics explores the areas of commonality between
Economics and Psychology, in terms of its focus and its approach,
whereas the bounded rationality literature largely analyses the
implications of sub-optimal decision-making through the
mathematically sophisticated methodology of mainstream Economics.
This book examines the nature and consequences of this divergence
and questions whether this is a case of beneficial specialisation
or whether it is unhelpful, potentially stunting the development of
some aspects of Economics. It has been suggested that the major
deficiency of Behavioural Economics is that it has failed to
produce a single, widely applicable alternative to constrained
optimisation. This book evaluates the extent to which this is the
true and, if it is, the extent to which it is a product of the
divergence between the two literatures. It also seeks to identify
commonalities between the two subjects and suggests avenues of
research in Economics that would benefit from a re-fusion of these
two fields.
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