Bounded Rationality, Cognitive Maps, and Trial and Error Learning
AbstractThe term "bounded rationality" is meant to connote the reasoning capabilities of an actor who, on the one hand, has a goal to achieve and an at least partially formed theory as to how to achieve it, and on the other hand, that the theory is somewhat crude, likely will be revised in the course of the effort, and that success is far from assured. This article presents a theory of how trial and error learning interacts with theory modification in the course of problem solving under bounded rationality. The empirical focus is on efforts to advance a technology, especially medical practice, but the analysis is quite general. A central question explored is what makes progress in a field hard or easy.
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Bibliographic InfoPaper provided by Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy in its series LEM Papers Series with number 2005/28.
Date of creation: 21 Dec 2005
Date of revision:
Bounded Rationality; Search; Progress;
Other versions of this item:
- Nelson, Richard R., 2008. "Bounded rationality, cognitive maps, and trial and error learning," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 78-89, July.
- NEP-ALL-2006-01-01 (All new papers)
- NEP-CBE-2006-01-01 (Cognitive & Behavioural Economics)
- NEP-EVO-2006-01-01 (Evolutionary Economics)
- NEP-INO-2006-01-01 (Innovation)
- NEP-KNM-2006-01-01 (Knowledge Management & Knowledge Economy)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"On the uneven evolution of human know-how,"
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- Muñoz, Félix-Fernando & Encinar, María-Isabel & Cañibano, Carolina, 2011. "On the role of intentionality in evolutionary economic change," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 193-203, September.
- Gino Cattani & Alex Dorsch & Sidney G. Winter, 2007. "The Value of Moderate Obsession: Insights from a New Model of Organizational Search," LEM Papers Series 2007/03, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Nathalie Lazaric & Kevin Maréchal, 2010. "Overcoming inertia: insights from evolutionary economics into improved energy and climate policy," Post-Print hal-00452205, HAL.
- Muñoz, Félix & Encinar, María Isabel, 2007. "Action Plans and Socio-Economic Evolutionary Change," Working Papers in Economic Theory 2007/07, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
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