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The Rhetorical Dimensions of Bounded Rationality: Herbert A. Simon and Organizational Economics

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  • Nicolai J. Foss

Abstract

I discuss the rhetorical dimensions of bounded rationality in two different, yet related, contexts, namely in the practice of organizational economists and in Herbert Simon’s key attempts to persuade economists to take bounded rationality seriously, his Ely lecture and his Nobel Prize lecture. I discuss various reasons why Simon failed to convince his contemporaries, among other things, the absence of clear definitions of bounded rationality and heuristics for incorporating it into economic models. Simon’s failures in these respects help explaining the very modest, and mainly “rhetorical,” use of bounded rationality in the works of organizational economists.

Suggested Citation

  • Nicolai J. Foss, "undated". "The Rhetorical Dimensions of Bounded Rationality: Herbert A. Simon and Organizational Economics," IVS/CBS Working Papers 2002-07, Department of Industrial Economics and Strategy, Copenhagen Business School.
    • Handle: RePEc:ivs:iivswp:02-07
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    Keywords

    Herbert Simon; bounded rationality; organizational economics; rhetoric.;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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