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Models of Bounded Rationality, Volume 1: Economic Analysis and Public Policy


  • Herbert A. Simon

    (Carnegie Mellon University)


The Nobel Prize in Economics was awarded to Herbert Simon in 1978. At Carnegie Mellon University he holds the title of Professor of Computer Science and Psychology. These two facts together delineate the range and uniqueness of his contributions in creating meaningful interactions among fields that developed in isolation but that are all concerned with human decision-making and problem-solving processes. In particular, Simon has brought the insights of decision theory, organization theory (especially as it applies to the business firm), behavior modeling, cognitive psychology, and the study of artificial intelligence to bear on economic questions. This has led not only to new conceptual dimensions for theoretical constructions, but also to a new humanizing realism in economics, a way of taking into account and dealing with human behavior and interactions that lie at the root of all economic activity. Most of Simon's papers on classical and neoclassical economic theory are contained in volume one. The second volume collects his papers on behavioral theory, with some overlap between the two volumes.

Suggested Citation

  • Herbert A. Simon, 1984. "Models of Bounded Rationality, Volume 1: Economic Analysis and Public Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262690861, December.
  • Handle: RePEc:mtp:titles:0262690861

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    Cited by:

    1. repec:kap:iaecre:v:11:y:2005:i:1:p:39-47 is not listed on IDEAS
    2. Roger D. Congleton & Alberto Batinti & Rinaldo Pietratonio, 2017. "The Electoral Politics and the Evolution of Complex Healthcare Systems," Kyklos, Wiley Blackwell, vol. 70(4), pages 483-510, November.
    3. Ignacio Ortuño Ortín, 1999. "- A Model Of Voting With Incomplete Information And Opinion Polls," Working Papers. Serie AD 1999-25, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    4. John Whalley, 2005. "Rationality, Irrationality and Economic Cognition," CESifo Working Paper Series 1445, CESifo.
    5. Jeromos Vukov & Francisco C Santos & Jorge M Pacheco, 2011. "Incipient Cognition Solves the Spatial Reciprocity Conundrum of Cooperation," PLOS ONE, Public Library of Science, vol. 6(3), pages 1-5, March.
    6. Dharshana Kasthurirathna & Prasan Ratnayake & Mahendra Piraveenan, 2022. "Disassortative Mixing and Systemic Rational Behaviour: How System Rationality Is Influenced by Topology and Placement in Networked Systems," Mathematics, MDPI, vol. 10(18), pages 1-17, September.
    7. Jean-Philippe Bouilloud & Ghislain Deslandes & Guillaume Mercier, 2019. "The Leader as Chief Truth Officer: The Ethical Responsibility of “Managing the Truth” in Organizations," Journal of Business Ethics, Springer, vol. 157(1), pages 1-13, June.
    8. Francesco Cecchi & Erwin Bulte, 2013. "Does Market Experience Promote Rational Choice? Experimental Evidence from Rural Ethiopia," Economic Development and Cultural Change, University of Chicago Press, vol. 61(2), pages 407-429.
    9. Vivien Beattie & Sarah Jane Smith, 2012. "Evaluating disclosure theory using the views of UK finance directors in the intellectual capital context," Accounting and Business Research, Taylor & Francis Journals, vol. 42(5), pages 471-494, December.
    10. Mariani, Marcello & Dwivedi, Yogesh K., 2024. "Generative artificial intelligence in innovation management: A preview of future research developments," Journal of Business Research, Elsevier, vol. 175(C).

    More about this item


    bounded rationality; classical economic theory; neoclassical economic theory;
    All these keywords.

    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines


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