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Sargent versus Simon: Bounded Rationality Unbound

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  • Sent, Esther-Mirjam

Abstract

T. J. Sargent called his latest venture Bounded Rationality in Macroeconomics and tried to make connections with H. A. Simon's program of bounded rationality and artificial intelligence. The irony is that rational expectations theory, born from the same mother--Carnegie Mellon University--as bounded rationality, after trying to kill her big sister, then apparently came around to embracing her in the person of Sargent. But was Simon's interpretation of bounded rationality the same as Sargent's? Did Simon and Sargent mean the same by artificial intelligence? Not quite. The different interests of Sargent and Simon resulted in vastly different interpretations of bounded rationality and artificial intelligence. Copyright 1997 by Oxford University Press.

Suggested Citation

  • Sent, Esther-Mirjam, 1997. "Sargent versus Simon: Bounded Rationality Unbound," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 21(3), pages 323-338, May.
    • Handle: RePEc:oup:cambje:v:21:y:1997:i:3:p:323-38
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    Citations

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    Cited by:

    1. Gustavo Barros, 2016. "Rationality and Organizations: A Study About Economic Behavior in the Work of Herbert A. Simon [Racionalidade e Organizações: Um estudo sobre comportamento econômico na obra de Herbert A. Simon]," Post-Print hal-03018347, HAL.
    2. Francisco Salas-Molina & Juan Antonio Rodr'iguez Aguilar & Filippo Bistaffa, 2020. "Shared value economics: an axiomatic approach," Papers 2006.00581, arXiv.org.
    3. Sent, Esther-Mirjam, 2004. "The legacy of Herbert Simon in game theory," Journal of Economic Behavior & Organization, Elsevier, vol. 53(3), pages 303-317, March.
    4. Richard Holt & J. Barkley Rosser & David Colander, 2011. "The Complexity Era in Economics," Review of Political Economy, Taylor & Francis Journals, vol. 23(3), pages 357-369.
    5. Lages, André Maia Gomes, 2006. "A Contribuição Singular de Simon e sua Repercussão Teórica Relevante [Simon's Unique Contribution and Its Relevant Theoretical Impact]," MPRA Paper 31182, University Library of Munich, Germany, revised 21 Mar 2006.
    6. Hosseini, Hamid, 2003. "The arrival of behavioral economics: from Michigan, or the Carnegie School in the 1950s and the early 1960s?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(4), pages 391-409, September.
    7. John E. King, 2013. "Should post-Keynesians make a behavioural turn?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 231-242.
    8. Duo Qin, 2006. "VAR Modelling Approach and Cowles Commission Heritage," Working Papers 557, Queen Mary University of London, School of Economics and Finance.
    9. Barros, Gustavo, 2007. "Herbert A. Simon e o conceito de racionalidade: limites e procedimentos [Herbert A. Simon and the concept of rationality: boundaries and procedures]," MPRA Paper 71508, University Library of Munich, Germany.
    10. Scott Moss, 1997. "Boundedly versus Procedurally Rational Expectations," Discussion Papers 97-30, Manchester Metropolitan University, Centre for Policy Modelling.
    11. Stephen Dunn, 2000. "Fundamental Uncertainty and the Firm in the Long Run," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 419-433.
    12. Petracca, Enrico, 2015. "A tale of paradigm clash: Simon, situated cognition and the interpretation of bounded rationality," MPRA Paper 64517, University Library of Munich, Germany.
    13. Byunghwan Lee & John O’Brien & K. Sivaramakrishnan, 2010. "Availability Heuristic and Observed Bias in Growth Forecasts: Evidence from an Analysis of Multiple Business Cycles," Chapters, in: Brian Bruce (ed.), Handbook of Behavioral Finance, chapter 13, Edward Elgar Publishing.
    14. Esther‐Mirjam Sent, 2002. "Making Social Science Matter: Why Social Inquiry Fails and How It Can Succeed Again By Bent Flyvbjerg. Cambridge, UK: Cambridge University Press, 2000. Pp. x, 204. $19.95 (paper)," Southern Economic Journal, John Wiley & Sons, vol. 68(3), pages 732-734, January.
    15. Ignazio Visco & Giordano Zevi, 2020. "Bounded rationality and expectations in economics," Questioni di Economia e Finanza (Occasional Papers) 575, Bank of Italy, Economic Research and International Relations Area.

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