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Herbert A. Simon and the concept of rationality: Boundaries and procedures

Author

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  • Gustavo Barros

    (Economics Ph.D. student at FEA‑USP)

Abstract

This paper discusses Herbert A. Simon’s conception of rationality in two of its principal general definitions: bounded rationality and procedural rationality. It argues that the latter is the one that better synthesizes the author’s view about rational behavior and that the former fills mainly a critical function. They are complementarily used by Simon in this sense. In spite of that, it is argued that it is the low degree of specificity of the concept of bounded rationality one of the reasons for its relatively greater success. JEL Classification: D01; B31; B52.

Suggested Citation

  • Gustavo Barros, 2010. "Herbert A. Simon and the concept of rationality: Boundaries and procedures," Brazilian Journal of Political Economy, Center of Political Economy, vol. 30(3), pages 455-472, July.
    • Handle: RePEc:ekm:repojs:v:30:y:2010:i:3:id:95581
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    Keywords

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    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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