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Rational Decision-Making

In: Bending the Law of Unintended Consequences

Author

Listed:
  • Richard M. Adler

    (DecisionPath)

Abstract

People employ both intuitive and deliberate thinking when making critical decisions. Chapter 4 described how our intuitions give rise to cognitive biases that impair critical decision-making and open the door to the Law of Unintended Consequences (LUC). Robert K. Merton also identified constraints on deliberate thinking as equally important contributors to LUC. This chapter examines Herbert Simon’s pivotal cognitive scientific research on these bounds on human rationality. Section 5.1 provides a brief sketch of Simon’s accomplishments. Section 5.2 introduces Simon’s concept of bounded rationality and contrasts it with Tversky and Kahneman’s research on cognitive biases. Sections 5.3 through 5.5 unpack the key elements of Simon’s research: his critique of rational choice theory, his cognitive model for deliberate (System 2) thinking, and his cognitive model of how people reason in order to make critical decisions. Section 5.6 recaps the significance of Simon’s research.

Suggested Citation

  • Richard M. Adler, 2020. "Rational Decision-Making," Springer Books, in: Bending the Law of Unintended Consequences, chapter 0, pages 63-77, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-32714-9_5
    DOI: 10.1007/978-3-030-32714-9_5
    as

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