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The Legacy of Herbert Simon in Economic Analysis (Hardcover)
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The Legacy of Herbert Simon in Economic Analysis (Hardcover)
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Herbert A. Simon has been a leading contributor to cognitive
psychology, computer science, public administration, philosophy and
statistics, and is the winner of the 1978 Nobel Memorial Prize in
economics. As this collection demonstrates, his impact on economics
has been felt in areas as diverse as the theory of the firm and
economic organization, consumer behaviour, law and economics, and
environmental economics. Central to his work is the notion of
bounded rationality - the mismatch between human decision-making
capacities and the scale of the decision problems that people face,
which results in satisficing rather than optimizing behaviour - and
his belief that economic research should start from the study of
actual behaviour rather than being based on convenient but
unrealistic assumptions. Peter Earl's choice of articles shows both
the kind of economics that emerges when Simon's philosophy is
followed comprehensively, and what happens when neo-classical
economists partially adopt his ideas.
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