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The Legacy of Herbert Simon in Economic Analysis

Editor

Listed:
  • Peter E. Earl

Abstract

Herbert A. Simon has been a leading contributor to cognitive psychology, computer science, public administration, philosophy and statistics, and is the winner of the 1978 Nobel Memorial Prize in Economics. As this authoritative collection demonstrates, his impact on economics has been felt in areas as diverse as the theory of the firm and economic organization, consumer behaviour, law and economics, and environmental economics. Central to his work is the notion of bounded rationality – the mismatch between human decision-making capacities and the scale of the decision problems that people face, which results in satisficing rather than optimising behaviour – and his belief that economic research should start from the study of actual behaviour rather than being based on convenient but unrealistic assumptions. Peter Earl’s choice of articles shows both the kind of economics that emerges when Simon’s philosophy is followed comprehensively, and what happens when neo-classical economists partially adopt his ideas.

Suggested Citation

  • Peter E. Earl (ed.), 2001. "The Legacy of Herbert Simon in Economic Analysis," Books, Edward Elgar Publishing, volume 0, number 1201.
    • Handle: RePEc:elg:eebook:1201
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    File URL: http://www.e-elgar.com/shop/isbn/9781858985268
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    Citations

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    Cited by:

    1. Estrada, Fernando, 2010. "Los mercados de opinión pública [The markets of public opinion]," MPRA Paper 20161, University Library of Munich, Germany.
    2. Michel Grabisch & Salvatore Greco & Marc Pirlot, 2008. "Bipolar and bivariate models in multi-criteria decision analysis: descriptive and constructive approaches," Post-Print halshs-00340374, HAL.
    3. Estrada, Fernando, 2010. "Economics and Rationality of organizations: an approach to the work of Herbert A. Simon," MPRA Paper 21811, University Library of Munich, Germany.
    4. Frederic Lee & Steve Keen, 2004. "The Incoherent Emperor: A Heterodox Critique of Neoclassical Microeconomic Theory," Review of Social Economy, Taylor & Francis Journals, vol. 62(2), pages 169-199.
    5. Estrada, Fernando, 2012. "Herbert Simon: bounded rationality y teoría de las organizaciones [Herbert Simon: bounded rationality and organizations theory]," MPRA Paper 38686, University Library of Munich, Germany.
    6. Mindel Laar & Chris Neubourg, 2006. "Emotions and foreign direct investment: A theoretical and empirical exploration," Management International Review, Springer, vol. 46(2), pages 207-233, March.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • L0 - Industrial Organization - - General
    • D0 - Microeconomics - - General

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