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Forms of Bounded Rationality: The Reception and Redefinition of Herbert A. Simon's Perspective

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  • Stefano Fiori

Abstract

First, the paper seeks to show that Herbert Simon's notion of bounded rationality should be interpreted in light of its connection with artificial intelligence. Second, offering four paradigmatic examples, the article presents the view that recent approaches that draw upon Simon's heterodox theory only partially accept the teachings of their inspirer, splitting bounded rationality from the context of artificial intelligence, and replacing it with different analytical tools that help give new configurations to bounded rationality. The thesis is that these events can be interpreted as an implicit (and ideal) challenge for redefining what bounded rationality is.

Suggested Citation

  • Stefano Fiori, 2011. "Forms of Bounded Rationality: The Reception and Redefinition of Herbert A. Simon's Perspective," Review of Political Economy, Taylor & Francis Journals, vol. 23(4), pages 587-612, October.
    • Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:587-612
    DOI: 10.1080/09538259.2011.611624
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    References listed on IDEAS

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    1. Herbert A. Simon, 1996. "The Sciences of the Artificial, 3rd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691914, December.
    2. Herbert A. Simon & Massimo Egidi & Ricardo Viale & Robin Marris, 1992. "Economics, Bounded Rationality and the Cognitive Revolution," Books, Edward Elgar Publishing, number 409.
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    Cited by:

    1. Mastrogiorgio, Antonio & Petracca, Enrico, 2016. "Embodying rationality," MPRA Paper 74658, University Library of Munich, Germany.
    2. Anna Trunk & Hendrik Birkel & Evi Hartmann, 2020. "On the current state of combining human and artificial intelligence for strategic organizational decision making," Business Research, Springer;German Academic Association for Business Research, vol. 13(3), pages 875-919, November.
    3. 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.

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