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Costly and Bounded Rationality in Individual and Team Decision-Making

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  • Radner, Roy
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    Abstract

    The "Savage paradigm" of rational decision-making under uncertainty has become the dominant model of human behavior in mainstream economics and game theory. However, under the rubric of "bounded-rationality", this model has been criticized as inadequate form both normative and descriptive viewpoints. This paper sketches the historical roots and some current development of this movement, distinguishing between attempts to extend the Savage paradigm ("costly rationality") and the need for more radical departures ("truly bounded rationality"). Copyright 2000 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Industrial & Corporate Change.

    Volume (Year): 9 (2000)
    Issue (Month): 4 (December)
    Pages: 623-58

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    Handle: RePEc:oup:indcch:v:9:y:2000:i:4:p:623-58

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    Cited by:
    1. K. Foss & Nicolai Foss, 2006. "The limits to designed orders: Authority under “distributed knowledge” conditions," The Review of Austrian Economics, Springer, Springer, vol. 19(4), pages 261-274, December.
    2. Werner Hölzl, 2005. "The evolutionary theory of the firm: Routines, complexity and change," Working Papers, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness geewp46, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    3. Augier, Mie & March, James G., 2002. "A model scholar: Herbert A. Simon (1916-2001)," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 49(1), pages 1-17, September.
    4. Marengo, Luigi & Dosi, Giovanni, 2005. "Division of labor, organizational coordination and market mechanisms in collective problem-solving," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 58(2), pages 303-326, October.

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