In "Bounded Rationality and Politics", Jonathan Bendor considers
two schools of behavioral economics - the first guided by Tversky
and Kahneman's work on heuristics and biases, which focuses on the
mistakes people make in judgment and choice; the second as
described by Gerd Gigerenzer's program on fast and frugal
heuristics, which emphasizes the effectiveness of simple rules of
thumb. Finding each of these radically incomplete, Bendor's
illuminating analysis proposes Herbert Simon's pathbreaking work on
bounded rationality as a way to reconcile the inconsistencies
between the two camps. Bendor shows that Simon's theory turns on
the interplay between the cognitive constraints of decision makers
and the complexity of their tasks.
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