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Foundations of procedural rationality: cognitive limits and decision processes

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  • Laville, Frederic

Abstract

Many criticisms have been made of optimization theory (Laville, 1999a). These objections may be explained by the fact that human rationality is bounded – that decisions are constrained by cognitive limitations (Simon, 1982). In the present paper, I will show that if rationality is bounded, then we must study the processes of decision. My thesis is that cognitive limitations lead to procedural rationality. Although this assertion has already been sustained implicitly by Simon (1959) and explicitly by Mongin (1986), it has not been argued in sufficient depth.

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  • Laville, Frederic, 2000. "Foundations of procedural rationality: cognitive limits and decision processes," Economics and Philosophy, Cambridge University Press, vol. 16(1), pages 117-138, April.
    • Handle: RePEc:cup:ecnphi:v:16:y:2000:i:01:p:117-138_00
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    Cited by:

    1. Jitske van Popering-Verkerk & Arwin van Buuren, 2016. "Decision-Making Patterns in Multilevel Governance: The contribution of informal and procedural interactions to significant multilevel decisions," Public Management Review, Taylor & Francis Journals, vol. 18(7), pages 951-971, August.
    2. Berg, Nathan, 2014. "Success from satisficing and imitation: Entrepreneurs' location choice and implications of heuristics for local economic development," Journal of Business Research, Elsevier, vol. 67(8), pages 1700-1709.
    3. Collentine, Dennis & Larsson, Martin & Hannerz, Nils, 2004. "Exploiting decision heuristics and IT in the design of a DSS for voluntary agri-environmental programs," Ecological Economics, Elsevier, vol. 49(3), pages 303-315, July.
    4. Jacques Sapir, 2022. "Is Economic Planning Our Future?," Studies on Russian Economic Development, Springer, vol. 33(6), pages 583-597, December.
    5. Anthony Endres & Christine Woods, 2010. "Schumpeter’s ‘conduct model of the dynamic entrepreneur’: scope and distinctiveness," Journal of Evolutionary Economics, Springer, vol. 20(4), pages 583-607, August.

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