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vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Principles_of_Boundedness"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Principles of Boundedness</span> </div> </a> <ul id="toc-Principles_of_Boundedness-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-In_psychology" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#In_psychology"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>In psychology</span> </div> </a> <ul id="toc-In_psychology-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Influence_on_social_network_structure" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Influence_on_social_network_structure"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Influence on social network structure</span> </div> </a> <ul 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</a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label 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interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9E%D0%B3%D1%80%D0%B0%D0%BD%D0%B8%D1%87%D0%B5%D0%BD%D0%B0_%D1%80%D0%B0%D1%86%D0%B8%D0%BE%D0%BD%D0%B0%D0%BB%D0%BD%D0%BE%D1%81%D1%82" title="Ограничена рационалност – Bulgarian" lang="bg" hreflang="bg" data-title="Ограничена рационалност" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Omezen%C3%A1_racionalita" title="Omezená racionalita – Czech" lang="cs" hreflang="cs" data-title="Omezená racionalita" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Begrenzte_Rationalit%C3%A4t" title="Begrenzte Rationalität – German" lang="de" hreflang="de" data-title="Begrenzte Rationalität" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Racionalidad_limitada" title="Racionalidad limitada – Spanish" lang="es" hreflang="es" data-title="Racionalidad limitada" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B9%D9%82%D9%84%D8%A7%D9%86%DB%8C%D8%AA_%D9%85%D8%AD%D8%AF%D9%88%D8%AF" title="عقلانیت محدود – Persian" lang="fa" hreflang="fa" data-title="عقلانیت محدود" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Rationalit%C3%A9_limit%C3%A9e" title="Rationalité limitée – French" lang="fr" hreflang="fr" data-title="Rationalité limitée" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%A0%9C%ED%95%9C%EB%90%9C_%ED%95%A9%EB%A6%AC%EC%84%B1" title="제한된 합리성 – Korean" lang="ko" hreflang="ko" data-title="제한된 합리성" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Razionalit%C3%A0_limitata" title="Razionalità limitata – Italian" lang="it" hreflang="it" data-title="Razionalità limitata" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A8%D7%A6%D7%99%D7%95%D7%A0%D7%9C%D7%99%D7%95%D7%AA_%D7%9E%D7%95%D7%92%D7%91%D7%9C%D7%AA" title="רציונליות מוגבלת – Hebrew" lang="he" hreflang="he" data-title="רציונליות מוגבלת" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%A8%D0%B5%D0%BA%D1%82%D0%B5%D0%BB%D0%B3%D0%B5%D0%BD_%D2%B1%D1%82%D1%8B%D0%BC%D0%B4%D1%8B%D0%BB%D1%8B%D2%9B" title="Шектелген ұтымдылық – Kazakh" lang="kk" hreflang="kk" data-title="Шектелген ұтымдылық" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Beperkte_rationaliteit" title="Beperkte rationaliteit – Dutch" lang="nl" hreflang="nl" data-title="Beperkte rationaliteit" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%99%90%E5%AE%9A%E5%90%88%E7%90%86%E6%80%A7" title="限定合理性 – Japanese" lang="ja" hreflang="ja" data-title="限定合理性" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Limita%C3%A7%C3%A3o_da_racionalidade" title="Limitação da racionalidade – Portuguese" lang="pt" hreflang="pt" data-title="Limitação da racionalidade" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9E%D0%B3%D1%80%D0%B0%D0%BD%D0%B8%D1%87%D0%B5%D0%BD%D0%BD%D0%B0%D1%8F_%D1%80%D0%B0%D1%86%D0%B8%D0%BE%D0%BD%D0%B0%D0%BB%D1%8C%D0%BD%D0%BE%D1%81%D1%82%D1%8C" title="Ограниченная рациональность – Russian" lang="ru" hreflang="ru" data-title="Ограниченная рациональность" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Rajoitettu_rationaalisuus" title="Rajoitettu rationaalisuus – Finnish" lang="fi" hreflang="fi" data-title="Rajoitettu rationaalisuus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/S%C4%B1n%C4%B1rl%C4%B1_rasyonellik" title="Sınırlı rasyonellik – Turkish" lang="tr" hreflang="tr" 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.mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Bounded_rationality" title="Special:EditPage/Bounded rationality">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Bounded+rationality%22">"Bounded rationality"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Bounded+rationality%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Bounded+rationality%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Bounded+rationality%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Bounded+rationality%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Bounded+rationality%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">March 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Bounded rationality</b> is the idea that <a href="/wiki/Rationality" title="Rationality">rationality</a> is limited when individuals <a href="/wiki/Decision-making" title="Decision-making">make decisions</a>, and under these limitations, rational individuals will select a decision that is <a href="/wiki/Satisficing" title="Satisficing">satisfactory</a> rather than optimal.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Limitations include the difficulty of the problem requiring a decision, the cognitive capability of the mind, and the time available to make the decision. Decision-makers, in this view, act as <a href="/wiki/Satisficer" class="mw-redirect" title="Satisficer">satisficers</a>, seeking a satisfactory solution, with everything that they have at the moment rather than an optimal solution. Therefore, humans do not undertake a full <a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">cost-benefit analysis</a> to determine the optimal decision, but rather, choose an option that fulfills their adequacy criteria.<sup id="cite_ref-:0_2-0" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Some models of <a href="/wiki/Human_behavior" title="Human behavior">human behavior</a> in the <a href="/wiki/Social_sciences" class="mw-redirect" title="Social sciences">social sciences</a> assume that <a href="/wiki/Humans" class="mw-redirect" title="Humans">humans</a> can be reasonably approximated or described as <a href="/wiki/Rationality" title="Rationality">rational</a> entities, as in <a href="/wiki/Rational_choice_theory" class="mw-redirect" title="Rational choice theory">rational choice theory</a> or <a href="/wiki/An_Economic_Theory_of_Democracy" title="An Economic Theory of Democracy">Downs' political agency model</a>.<sup id="cite_ref-Olson_3-0" class="reference"><a href="#cite_note-Olson-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The concept of bounded rationality complements the idea of rationality as optimization, which views decision-making as a fully rational process of finding an optimal choice given the information available.<sup id="cite_ref-bounded_rationality_1999_4-0" class="reference"><a href="#cite_note-bounded_rationality_1999-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Therefore, bounded rationality can be said to address the discrepancy between the assumed perfect rationality of human behaviour (which is utilised by other economics theories), and the reality of human <a href="/wiki/Cognition" title="Cognition">cognition</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In short, bounded rationality revises notions of perfect rationality to account for the fact that perfectly rational decisions are often not feasible in practice because of the intractability of natural decision problems and the finite computational resources available for making them. The concept of bounded rationality continues to influence (and be debated in) different disciplines, including <a href="/wiki/Political_science" title="Political science">political science</a>, <a href="/wiki/Economics" title="Economics">economics</a>, <a href="/wiki/Psychology" title="Psychology">psychology</a>, <a href="/wiki/Law" title="Law">law</a>, <a href="/wiki/Philosophy" title="Philosophy">philosophy</a>, and <a href="/wiki/Cognitive_science" title="Cognitive science">cognitive science</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background_and_motivation">Background and motivation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=1" title="Edit section: Background and motivation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><em>Bounded rationality</em> was coined by <a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a>, where it was proposed as an alternative basis for the mathematical and neoclassical economic modelling of <a href="/wiki/Decision-making" title="Decision-making">decision-making</a>, as used in <a href="/wiki/Economics" title="Economics">economics</a>, <a href="/wiki/Political_science" title="Political science">political science</a>, and related disciplines. Many <a href="/wiki/Economics" title="Economics">economics</a> models assume that agents are on average rational, and can in large quantities be approximated to act according to their <a href="/wiki/Preference" title="Preference">preferences</a> in order to maximise <a href="/wiki/Utility" title="Utility">utility</a>.<sup id="cite_ref-:0_2-1" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> With bounded rationality, Simon's goal was "to replace the global rationality of <a href="/wiki/Homo_economicus" title="Homo economicus">economic man</a> with a kind of rational behavior that is compatible with the access to information and the computational capacities that are actually possessed by organisms, including man, in the kinds of environments in which such organisms exist."<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Soon after the term bounded rationality appeared, studies in the topic area began examining the issue in depth. A study completed by Allais in 1953 began to generate ideas of the irrationality of decision making as he found that given preferences, individuals will not always choose the most rational decision and therefore the concept of rationality was not always reliable in economic predictions.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In <i>Models of Man</i>, Simon argues that most people are only partly rational, and are irrational in the remaining part of their actions. In another work, he states "boundedly rational agents experience limits in formulating and solving complex problems and in processing (receiving, storing, retrieving, transmitting) <a href="/wiki/Information" title="Information">information</a>".<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Simon used the analogy of a pair of scissors, where one blade represents "cognitive limitations" of actual humans and the other the "structures of the environment", illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.<sup id="cite_ref-bounded_rationality_1999_4-1" class="reference"><a href="#cite_note-bounded_rationality_1999-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Simon describes a number of dimensions along which classical models of rationality can be made somewhat more realistic, while remaining within the vein of fairly rigorous formalization. These include: </p> <ul><li>limiting the types of <a href="/wiki/Utility" title="Utility">utility</a> functions</li> <li>recognizing the costs of gathering and processing information</li> <li>the possibility of having a <a href="/wiki/Vector_(geometry)" class="mw-redirect" title="Vector (geometry)">vector</a> or multi-valued utility function</li></ul> <p>Simon suggests that economic agents use <a href="/wiki/Heuristics_in_judgment_and_decision-making" class="mw-redirect" title="Heuristics in judgment and decision-making">heuristics</a> to make decisions rather than a strict rigid rule of optimization. They do this because of the complexity of the situation. An example of behaviour inhibited by heuristics can be seen when comparing the cognitive strategies utilised in simple situations (e.g. tic-tac-toe), in comparison to strategies utilised in difficult situations (e.g. chess). Both games, as defined by <a href="/wiki/Game_theory" title="Game theory">game theory</a> economics, are finite games with perfect information, and therefore equivalent.<sup id="cite_ref-:2_10-0" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> However, within chess, mental capacities and abilities are a binding constraint, therefore optimal choices are not a possibility.<sup id="cite_ref-:2_10-1" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Thus, in order to test the mental limits of agents, complex problems, such as those within chess, should be studied to test how individuals work around their cognitive limits, and what behaviours or heuristics are used to form solutions<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Anchoring and adjustment are types of heuristics that give some explanation to bounded rationality and why decision makers do not make rational decisions. A study undertaken by Zenko et al. showed that the amount of physical activity completed by decision makers was able to be influenced by anchoring and adjustment as most decision makers would typically be considered irrational and would unlikely do the amount of physical activity instructed and it was shown that these decision makers use anchoring and adjustment to decide how much exercise they will complete.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Other heuristics that are closely related to the concept of bounded rationality include the <a href="/wiki/Availability_heuristic" title="Availability heuristic">availability heuristic</a> and <a href="/wiki/Representativeness_heuristic" title="Representativeness heuristic">representativeness heuristic</a>. The availability heuristic refers to how people tend to overestimate the likelihood of events that are easily brought to mind, such as vivid or recent experiences. This can lead to biased judgments based on incomplete or unrepresentative information.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The representativeness heuristic states that people often judge the probability of an event based on how closely it resembles a typical or representative case, ignoring other relevant factors like base rates or sample size.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> These mental shortcuts and systematic errors in thinking demonstrate how people's decision-making abilities are limited and often deviate from perfect rationality.   </p> <div class="mw-heading mw-heading2"><h2 id="Example">Example</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=2" title="Edit section: Example"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Original_research plainlinks metadata ambox ambox-content ambox-Original_research" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/40px-Ambox_important.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/60px-Ambox_important.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/80px-Ambox_important.svg.png 2x" data-file-width="40" data-file-height="40" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>possibly contains <a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research">original research</a></b>.<span class="hide-when-compact"> Please <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Bounded_rationality&action=edit">improve it</a> by <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verifying</a> the claims made and adding <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a>. Statements consisting only of original research should be removed.</span> <span class="date-container"><i>(<span class="date">August 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Oudewater_waitress_2010-07-18.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Oudewater_waitress_2010-07-18.jpg/193px-Oudewater_waitress_2010-07-18.jpg" decoding="async" width="193" height="141" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Oudewater_waitress_2010-07-18.jpg/290px-Oudewater_waitress_2010-07-18.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/04/Oudewater_waitress_2010-07-18.jpg/386px-Oudewater_waitress_2010-07-18.jpg 2x" data-file-width="3448" data-file-height="2524" /></a><figcaption></figcaption></figure> <p>An example of bounded rationality in individuals would be a customer who made a suboptimal decision to order some food at the restaurant because they felt rushed by the waiter who was waiting beside the table. Another example is a trader who would make a moderate and risky decision to trade their stock due to time pressure and imperfect information of the market at that time. </p><p>In organisational context, a CEO cannot make fully rational decisions in an ad-hoc situation because their cognition was overwhelmed by a lot of information in that tense situation. The CEO also needs to take time to process all the information given to them, but due to the limited time and fast decision making needed, they will disregard some information in determining the decision. </p><p>Bounded rationality can have significant effects on political decision-making, voter behavior, and policy outcomes. A prominent example of this is heuristic-based voting. According to the theory of bounded rationality, individuals have limited time, information, and cognitive resources to make decisions. In the context of voting, this means that most voters cannot realistically gather and process all available information about candidates, issues, and policies. Even if such information were available, the time and effort required to analyze it would be prohibitively high for many voters. As a result, voters often resort to heuristics, which allow voters to make decisions based on cues like party affiliation, candidate appearance, or single-issue positions, rather than engaging in a comprehensive evaluation of all relevant factors. For example, a voter who relies on the heuristic of party affiliation may vote for a candidate whose policies do not actually align with their interests, simply because the candidate belongs to their preferred party.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup>   </p> <div class="mw-heading mw-heading2"><h2 id="Model_extensions">Model extensions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=3" title="Edit section: Model extensions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As decision-makers have to make decisions about how and when to decide, <a href="/wiki/Ariel_Rubinstein" title="Ariel Rubinstein">Ariel Rubinstein</a> proposed to model bounded rationality by explicitly specifying decision-making procedures as decision-makers with the same information are also not able to analyse the situation equally thus reach the same rational decision.<sup id="cite_ref-:3_16-0" class="reference"><a href="#cite_note-:3-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Rubinstein argues that consistency in reaching final decision for the same level of information must factor in the decision making procedure itself.<sup id="cite_ref-:3_16-1" class="reference"><a href="#cite_note-:3-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> This puts the study of decision procedures on the research agenda. </p><p><a href="/wiki/Gerd_Gigerenzer" title="Gerd Gigerenzer">Gerd Gigerenzer</a> stated that decision theorists, to some extent, have not adhered to Simon's original ideas. Rather, they have considered how decisions may be crippled by limitations to rationality, or have modeled how people might cope with their inability to optimize. Gigerenzer proposes and shows that simple heuristics often lead to better decisions than theoretically optimal procedures.<sup id="cite_ref-Olson_3-1" class="reference"><a href="#cite_note-Olson-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Moreover, Gigerenzer claimed, agents react relative to their environment and use their cognitive processes to adapt accordingly.<sup id="cite_ref-:0_2-2" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a> later argued that it may not be necessary to analyze in detail the process of reasoning underlying bounded rationality.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> If we believe that agents will choose an action that gets them close to the optimum, then we can use the notion of <i>epsilon-optimization</i>, which means we choose our actions so that the payoff is within epsilon of the optimum. If we define the optimum (best possible) payoff as <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle U^{*}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msup> <mi>U</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>∗</mo> </mrow> </msup> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle U^{*}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/8def9b6d2f0acfca452861c11dc2a08419765efe" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:2.895ex; height:2.343ex;" alt="{\displaystyle U^{*}}"></span>, then the set of epsilon-optimizing options <b>S(ε)</b> can be defined as all those options <b>s</b> such that: <span class="mwe-math-element"><span class="mwe-math-mathml-display mwe-math-mathml-a11y" style="display: none;"><math display="block" xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle U(s)\geq U^{*}-\epsilon .}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>U</mi> <mo stretchy="false">(</mo> <mi>s</mi> <mo stretchy="false">)</mo> <mo>≥</mo> <msup> <mi>U</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>∗</mo> </mrow> </msup> <mo>−</mo> <mi>ϵ</mi> <mo>.</mo> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle U(s)\geq U^{*}-\epsilon .}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2ef7e74282b587db211d53f6cffabc833534802a" class="mwe-math-fallback-image-display mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:15.108ex; height:2.843ex;" alt="{\displaystyle U(s)\geq U^{*}-\epsilon .}"></span> </p><p>The notion of strict rationality is then a special case (<i>ε</i>=0). The advantage of this approach is that it avoids having to specify in detail the process of reasoning, but rather simply assumes that whatever the process is, it is good enough to get near to the optimum. </p><p>From a computational point of view, decision procedures can be encoded in <a href="/wiki/Algorithm" title="Algorithm">algorithms</a> and heuristics. <a href="/wiki/Edward_Tsang" title="Edward Tsang">Edward Tsang</a> argues that the effective rationality of an agent is determined by its <a href="/wiki/Computational_intelligence" title="Computational intelligence">computational intelligence</a>. Everything else being equal, an agent that has better algorithms and heuristics could make more rational (closer to optimal) decisions than one that has poorer heuristics and algorithms.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Tshilidzi_Marwala" title="Tshilidzi Marwala">Tshilidzi Marwala</a> and Evan Hurwitz in their study on bounded rationality observed that advances in technology (e.g. computer processing power because of <a href="/wiki/Moore%27s_law" title="Moore's law">Moore's law</a>, <a href="/wiki/Artificial_intelligence" title="Artificial intelligence">artificial intelligence</a>, and big data analytics) expand the bounds that define the feasible rationality space. Because of this expansion of the bounds of rationality, machine automated decision making makes markets more efficient.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>The model of bounded rationality also extends to bounded self-interest,<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> in which humans are sometimes willing to forsake their own self-interests for the benefits of others due to incomplete information that the individuals have at the time being. This is something that had not been considered in earlier economic models.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>The theory of rational inattention, an extension of bounded rationality, studied by Christopher Sims, found that decisions may be chosen with incomplete information as opposed to affording the cost to receive complete information. This shows that decision makers choose to endure bounded rationality.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>On the other hand, another extension came from the notion of bounded rationality and was explained by Ulrich Hoffrage and Torsten Reimer in their studies of a "fast and frugal heuristic approach". The studies explained that complete information sometimes is not needed as there are easier and simpler ways to reach the same optimal outcome.<sup id="cite_ref-:4_23-0" class="reference"><a href="#cite_note-:4-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> However, this approach which is usually known as the <a href="/wiki/Gaze_heuristic" title="Gaze heuristic">gaze heuristic</a> was explained to be the theory for non-complex decision making only.<sup id="cite_ref-:4_23-1" class="reference"><a href="#cite_note-:4-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Bounded_Rationality_and_Nudging">Bounded Rationality and Nudging</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=4" title="Edit section: Bounded Rationality and Nudging"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></div> <p><a href="/wiki/Nudge_theory" title="Nudge theory">Nudging</a> is a concept in <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economics</a> that is closely related to the idea of bounded rationality. Nudging involves designing <a href="/wiki/Choice_architecture" title="Choice architecture">choice architectures</a> that guide people towards making better decisions without limiting their freedom of choice. The concept was popularized by <a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a> and <a href="/wiki/Cass_Sunstein" title="Cass Sunstein">Cass Sunstein</a> in their 2008 book "<a href="/wiki/Nudge:_Improving_Decisions_about_Health,_Wealth,_and_Happiness" class="mw-redirect" title="Nudge: Improving Decisions about Health, Wealth, and Happiness">Nudge: Improving Decisions About Health, Wealth, and Happiness</a>."<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>The connection between nudging and bounded rationality lies in the fact that nudges are designed to help people overcome the cognitive limitations and biases that arise from their bounded rationality.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup>   </p><p>One way nudges are used is with the aim of simplifying complex decisions by presenting information in a clear and easily understandable format, reducing the cognitive burden on individuals. Nudges can also be designed to counteract common heuristics and biases, such as the default bias (people's tendency to stick with the default option). For example, with adequate other policies in place, making posthumous organ donation the default option with an opt-out provision has been shown to increase actual donation rates.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Moreover, in cases where the information needed to make an informed decision is incomplete, nudges can provide the relevant information. For instance, displaying the calorie content of menu items can help people make healthier food choices.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Nudges can also guide people towards satisfactory options when they are unable or unwilling to invest the time and effort to find the optimal choice. For example, providing a limited set of well-designed investment options in a retirement plan can help people make better financial decisions. </p><p>As nudging has become more popular in the last decade, governments around the world and nongovernmental organizations like the United Nations have established behavioral insights teams or incorporated nudging into their policy-making processes. </p><p>Bounded rationality attempts to address assumption points discussed within <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a> theory during the 1950s. This theory assumes that the complex problem, the way in which the problem is presented, all alternative choices, and a utility function, are all provided to decision-makers in advance,<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> where this may not be realistic. This was widely used and accepted for a number of decades, however economists realised some disadvantages exist in utilising this theory. This theory did not consider how problems are initially discovered by decision-makers, which could have an impact on the overall decision. Additionally, personal values, the way in which alternatives are discovered and created, and the environment surrounding the decision-making process are also not considered when using this theory.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Alternatively, bounded rationality focuses on the cognitive ability of the decision-maker and the factors which may inhibit optimal decision-making.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Additionally, placing a focus on organisations rather than focusing on markets as neoclassical economics theory does, bounded rationality is also the basis for many other economics theories (e.g. organisational theory) as it emphasises that the "...performance and success of an organisation is governed primarily by the psychological limitations of its members..." as stated by John D.W. Morecroft (1981).<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Principles_of_Boundedness">Principles of Boundedness</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=5" title="Edit section: Principles of Boundedness"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In addition to bounded rationality, bounded willpower and bounded selfishness are two other key concepts in behavioral economics that challenge the traditional <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economic assumption</a> of perfectly rational, self-interested, and self-disciplined individuals.<sup id="cite_ref-:5_33-0" class="reference"><a href="#cite_note-:5-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup>  </p><p>Bounded willpower refers to the idea that people often have difficulty following through on their long-term plans and intentions due to limited self-control and the tendency to prioritize short-term desires. This can lead to problems like procrastination, impulsive spending, and unhealthy lifestyle choices. The concept of bounded willpower is closely related to the idea of <a href="/wiki/Hyperbolic_discounting" title="Hyperbolic discounting">hyperbolic discounting</a>, which describes how people tend to value immediate rewards more highly than future ones, leading to inconsistent preferences over time.<sup id="cite_ref-:5_33-1" class="reference"><a href="#cite_note-:5-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>While traditional economic models assume that people are primarily motivated by self-interest, bounded selfishness suggests that people also have social preferences and care about factors such as fairness, reciprocity, and the well-being of others. This concept helps explain phenomena like charitable giving, cooperation in social dilemmas, and the existence of social norms.<sup id="cite_ref-:5_33-2" class="reference"><a href="#cite_note-:5-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> However, people's concern for others is often bounded in the sense that it is limited in scope and can be influenced by factors such as <a href="/wiki/In-group_favoritism" title="In-group favoritism">in-group favoritism</a> and emotional distance.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>Together, these three concepts form the core of behavioral economics and have been used to develop more realistic models of human decision-making and behavior. By recognizing the limitations and biases that people face in their daily lives, behavioral economists aim to design policies, institutions, and choice architectures that can help people make better decisions and achieve their long-term goals. </p> <div class="mw-heading mw-heading2"><h2 id="In_psychology">In psychology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=6" title="Edit section: In psychology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The collaborative works of <a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a> and <a href="/wiki/Amos_Tversky" title="Amos Tversky">Amos Tversky</a> expand upon Herbert A. Simon's ideas in the attempt to create a map of bounded rationality. The research attempted to explore the choices made by what was assumed as rational agents compared to the choices made by individuals optimal beliefs and their <a href="/wiki/Satisficing" title="Satisficing">satisficing</a> behaviour.<sup id="cite_ref-:1_35-0" class="reference"><a href="#cite_note-:1-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Kahneman cites that the research contributes mainly to the school of psychology due to imprecision of psychological research to fit the formal economic models; however, the theories are useful to economic theory as a way to expand simple and precise models and cover diverse psychological phenomena.<sup id="cite_ref-:1_35-1" class="reference"><a href="#cite_note-:1-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Three major topics covered by the works of Daniel Kahneman and Amos Tversky include heuristics of judgement, risky choice, and <a href="/wiki/Framing_effect_(psychology)" title="Framing effect (psychology)">framing effect</a>, which were a culmination of research that fit under what was defined by Herbert A. Simon as the psychology of bounded rationality.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> In contrast to the work of Simon; Kahneman and Tversky aimed to focus on the effects bounded rationality had on simple tasks which therefore placed more emphasis on errors in cognitive mechanisms irrespective of the situation.<sup id="cite_ref-:2_10-2" class="reference"><a href="#cite_note-:2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The study undertaken by Kahneman found that emotions and the psychology of economic decisions play a larger role in the economics field than originally thought. The study focused on the emotions behind decision making such as fear and personal likes and dislikes and found these to be significant factors in economic decision making.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>Bounded rationality is also shown to be useful in negotiation techniques as shown in research undertaken by Dehai et al. that negotiations done using bounded rationality techniques by labourers and companies when negotiating a higher wage for workers were able to find an equal solution for both parties.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Influence_on_social_network_structure">Influence on social network structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=7" title="Edit section: Influence on social network structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Recent research has shown that bounded rationality of individuals may influence the <a href="/wiki/Network_topology" title="Network topology">topology of the social networks</a> that evolve among them. In particular, Kasthurirathna and Piraveenan<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> have shown that in <a href="/wiki/Socio-ecological_system" title="Socio-ecological system">socio-ecological systems</a>, the drive towards improved rationality on average might be an evolutionary reason for the emergence of scale-free properties. They did this by simulating a number of strategic games on an initially random network with distributed bounded rationality, then re-wiring the network so that the network on average converged towards Nash equilibria, despite the bounded rationality of nodes. They observed that this re-wiring process results in <a href="/wiki/Scale-free_network" title="Scale-free network">scale-free networks</a>. Since scale-free networks are ubiquitous in social systems, the link between bounded rationality distributions and social structure is an important one in explaining social phenomena. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 20em;"> <ul><li><i><a href="/wiki/Administrative_Behavior" title="Administrative Behavior">Administrative Behavior</a></i></li> <li><a href="/wiki/Altruism" title="Altruism">Altruism</a></li> <li><a href="/wiki/Analysis_paralysis" title="Analysis paralysis">Analysis paralysis</a></li> <li><i><a href="/wiki/Ars_longa,_vita_brevis" title="Ars longa, vita brevis">Ars longa, vita brevis</a></i></li> <li><a href="/wiki/Carnegie_School" title="Carnegie School">Carnegie School</a></li> <li><a href="/wiki/Concept_driven_strategy" class="mw-redirect" title="Concept driven strategy">Concept driven strategy</a></li> <li><a href="/wiki/Cognitive_bias" title="Cognitive bias">Cognitive bias</a></li> <li><a href="/wiki/Cognitive_miser" title="Cognitive miser">Cognitive miser</a></li> <li><a href="/wiki/Ecological_rationality" title="Ecological rationality">Ecological rationality</a></li> <li><a href="/wiki/Elitism" title="Elitism">Elitism</a></li> <li><a href="/wiki/Framing_(social_sciences)" title="Framing (social sciences)">Framing (social sciences)</a></li> <li><i><a href="/wiki/Homo_economicus" title="Homo economicus">Homo economicus</a></i></li> <li><a href="/wiki/Memetics" title="Memetics">Memetics</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical economics</a></li> <li><a href="/wiki/Organizing_principle" title="Organizing principle">Organizing principle</a></li> <li><a href="/wiki/Parametric_determinism" title="Parametric determinism">Parametric determinism</a></li> <li><a href="/wiki/Potential_game#Bounded_rational_models" title="Potential game">Potential game § Bounded rational models</a></li> <li><a href="/wiki/Priority_heuristic" title="Priority heuristic">Priority heuristic</a></li> <li><a href="/wiki/Prospect_theory" title="Prospect theory">Prospect theory</a></li> <li><a href="/wiki/Psychohistory" title="Psychohistory">Psychohistory</a></li> <li><a href="/wiki/Rational_ignorance" title="Rational ignorance">Rational ignorance</a></li> <li><a href="/wiki/Reinhard_Selten" title="Reinhard Selten">Reinhard Selten</a></li> <li><a href="/wiki/Roman_commerce#The_Elite_and_a_dual_mentality_on_trade" title="Roman commerce">Roman Dual mentality on trade</a></li> <li><a href="/wiki/Satisficing" title="Satisficing">Satisficing</a></li> <li><a href="/wiki/Social_heuristics" title="Social heuristics">Social heuristics</a></li> <li><a href="/wiki/Subjective_theory_of_value" title="Subjective theory of value">Subjective theory of value</a></li> <li><a href="/wiki/Substitution_bias_(psychology)" class="mw-redirect" title="Substitution bias (psychology)">Substitution bias (psychology)</a></li> <li><a href="/wiki/Tragedy_of_the_commons" title="Tragedy of the commons">Tragedy of the commons</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction cost</a></li> <li><a href="/wiki/Utility_maximization_problem" title="Utility maximization problem">Utility maximization problem</a></li></ul></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFSent2017" class="citation journal cs1">Sent, Esther-Mirjam (October 31, 2017). <a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F09672567.2018.1523206">"Rationality and bounded rationality: you can't have one without the 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id="CITEREFKahneman2003" class="citation journal cs1">Kahneman, Daniel (2003). <a rel="nofollow" class="external text" href="https://dx.doi.org/10.1037/0003-066x.58.9.697">"A perspective on judgment and choice: Mapping bounded rationality"</a>. <i>American Psychologist</i>. <b>58</b> (9): 697–720. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1037%2F0003-066x.58.9.697">10.1037/0003-066x.58.9.697</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1935-990X">1935-990X</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/14584987">14584987</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:16994141">16994141</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Psychologist&rft.atitle=A+perspective+on+judgment+and+choice%3A+Mapping+bounded+rationality.&rft.volume=58&rft.issue=9&rft.pages=697-720&rft.date=2003&rft.issn=1935-990X&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A16994141%23id-name%3DS2CID&rft_id=info%3Apmid%2F14584987&rft_id=info%3Adoi%2F10.1037%2F0003-066x.58.9.697&rft.aulast=Kahneman&rft.aufirst=Daniel&rft_id=http%3A%2F%2Fdx.doi.org%2F10.1037%2F0003-066x.58.9.697&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">Kahneman, D. (2003). Maps of Bounded Rationality: Psychology for Behavioural Economics. The American Economic Review, 93(5), 1449-1475. <a rel="nofollow" class="external free" href="https://doi.org/10.1257/000282803322655392">https://doi.org/10.1257/000282803322655392</a></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Dehai, L., Wei, L., Hongyi, L., & Jiafu, T. (2017). Bargaining Model of Labour Disputes Considering Social Mediation and Bounded Rationality. European journal of Operational Research, 262(3), 1064-1071. <a rel="nofollow" class="external free" href="https://doi.org/10.1016/j.ejor.2017.04.003">https://doi.org/10.1016/j.ejor.2017.04.003</a></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKasthurirathnaPiraveenan2015" class="citation journal cs1">Kasthurirathna, Dharshana; Piraveenan, Mahendra (2015-06-11). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4464151">"Emergence of scale-free characteristics in socio-ecological systems with bounded rationality"</a>. <i>Scientific Reports</i>. <b>5</b> (1): 10448. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2015NatSR...510448K">2015NatSR...510448K</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1038%2Fsrep10448">10.1038/srep10448</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2045-2322">2045-2322</a>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4464151">4464151</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/26065713">26065713</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Scientific+Reports&rft.atitle=Emergence+of+scale-free+characteristics+in+socio-ecological+systems+with+bounded+rationality&rft.volume=5&rft.issue=1&rft.pages=10448&rft.date=2015-06-11&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC4464151%23id-name%3DPMC&rft_id=info%3Abibcode%2F2015NatSR...510448K&rft_id=info%3Apmid%2F26065713&rft_id=info%3Adoi%2F10.1038%2Fsrep10448&rft.issn=2045-2322&rft.aulast=Kasthurirathna&rft.aufirst=Dharshana&rft.au=Piraveenan%2C+Mahendra&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC4464151&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bounded_rationality&action=edit&section=10" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Bayer, R. C., Renner, E., & Sausgruber, R. (2009). <i><a rel="nofollow" class="external text" href="http://www.econstor.eu/handle/10419/73510">Confusion and reinforcement learning in experimental public goods games</a>.</i> NRN working papers 2009–22, The Austrian Center for Labor Economics and the Analysis of the Welfare State, Johannes Kepler University Linz, Austria.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFElster,_Jon1983" class="citation book cs1">Elster, Jon (1983). <i>Sour Grapes: Studies in the Subversion of Rationality</i>. Cambridge, UK: Cambridge University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-25230-0" title="Special:BookSources/978-0-521-25230-0"><bdi>978-0-521-25230-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Sour+Grapes%3A+Studies+in+the+Subversion+of+Rationality&rft.place=Cambridge%2C+UK&rft.pub=Cambridge+University+Press&rft.date=1983&rft.isbn=978-0-521-25230-0&rft.au=Elster%2C+Jon&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li>Felin, T., Koenderink, J., & Krueger, J. (2017). "Rationality, perception and the all-seeing eye." <i>Psychonomic Bulletin and Review</i>, 25: 1040-1059. <a rel="nofollow" class="external text" href="https://link.springer.com/article/10.3758/s13423-016-1198-z">DOI 10.3758/s13423-016-1198-z</a></li> <li>Gershman, S.J., Horvitz, E.J., & Tenenbaum, J.B. (2015). Computational rationality: A converging paradigm for intelligence in brains, minds, and machines. <i>Science,</i> 49: 273-278. <a rel="nofollow" class="external text" href="https://www.science.org/doi/abs/10.1126/science.aac6076">DOI: 10.1126/science.aac6076</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGigerenzer,_GerdSelten,_Reinhard2002" class="citation book cs1">Gigerenzer, Gerd & Selten, Reinhard (2002). <i>Bounded Rationality</i>. Cambridge: <a href="/wiki/MIT_Press" title="MIT Press">MIT Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-262-57164-7" title="Special:BookSources/978-0-262-57164-7"><bdi>978-0-262-57164-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bounded+Rationality&rft.place=Cambridge&rft.pub=MIT+Press&rft.date=2002&rft.isbn=978-0-262-57164-7&rft.au=Gigerenzer%2C+Gerd&rft.au=Selten%2C+Reinhard&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li>Hayek, F.A (1948) Individualism and Economic order</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKahneman,_Daniel2003" class="citation journal cs1">Kahneman, Daniel (2003). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180219074537/http://www.econ.tuwien.ac.at/lotto/papers/Kahneman2.pdf">"Maps of bounded rationality: psychology for behavioral economics"</a> <span class="cs1-format">(PDF)</span>. <i>The American Economic Review</i>. <b>93</b> (5): 1449–75. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.194.6554">10.1.1.194.6554</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2F000282803322655392">10.1257/000282803322655392</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:15131441">15131441</a>. Archived from <a rel="nofollow" class="external text" href="http://www.econ.tuwien.ac.at/Lotto/papers/Kahneman2.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2018-02-19<span class="reference-accessdate">. Retrieved <span class="nowrap">2017-11-01</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+American+Economic+Review&rft.atitle=Maps+of+bounded+rationality%3A+psychology+for+behavioral+economics&rft.volume=93&rft.issue=5&rft.pages=1449-75&rft.date=2003&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.194.6554%23id-name%3DCiteSeerX&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A15131441%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1257%2F000282803322655392&rft.au=Kahneman%2C+Daniel&rft_id=http%3A%2F%2Fwww.econ.tuwien.ac.at%2FLotto%2Fpapers%2FKahneman2.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarch,_James_G.1994" class="citation book cs1">March, James G. (1994). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/primerondecision00marc"><i>A Primer on Decision Making: How Decisions Happen</i></a></span>. New York: The Free Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-02-920035-3" title="Special:BookSources/978-0-02-920035-3"><bdi>978-0-02-920035-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Primer+on+Decision+Making%3A+How+Decisions+Happen&rft.place=New+York&rft.pub=The+Free+Press&rft.date=1994&rft.isbn=978-0-02-920035-3&rft.au=March%2C+James+G.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fprimerondecision00marc&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li>Simon, Herbert (1957). "A Behavioral Model of Rational Choice", in Models of Man, Social and Rational: Mathematical Essays on Rational Human Behavior in a Social Setting. New York: Wiley.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarch,_James_G.Simon,_Herbert1958" class="citation book cs1">March, James G. & Simon, Herbert (1958). <i>Organizations</i>. John Wiley and Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-56793-6" title="Special:BookSources/978-0-471-56793-6"><bdi>978-0-471-56793-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Organizations&rft.pub=John+Wiley+and+Sons&rft.date=1958&rft.isbn=978-0-471-56793-6&rft.au=March%2C+James+G.&rft.au=Simon%2C+Herbert&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSimon,_Herbert1990" class="citation journal cs1">Simon, Herbert (1990). "A mechanism for social selection and successful altruism". <i>Science</i>. <b>250</b> (4988): 1665–8. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/1990Sci...250.1665S">1990Sci...250.1665S</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1126%2Fscience.2270480">10.1126/science.2270480</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/2270480">2270480</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Science&rft.atitle=A+mechanism+for+social+selection+and+successful+altruism&rft.volume=250&rft.issue=4988&rft.pages=1665-8&rft.date=1990&rft_id=info%3Apmid%2F2270480&rft_id=info%3Adoi%2F10.1126%2Fscience.2270480&rft_id=info%3Abibcode%2F1990Sci...250.1665S&rft.au=Simon%2C+Herbert&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSimon,_Herbert1991" class="citation journal cs1">Simon, Herbert (1991). "Bounded Rationality and Organizational Learning". <i>Organization Science</i>. <b>2</b> (1): 125–134. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1287%2Forsc.2.1.125">10.1287/orsc.2.1.125</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Organization+Science&rft.atitle=Bounded+Rationality+and+Organizational+Learning&rft.volume=2&rft.issue=1&rft.pages=125-134&rft.date=1991&rft_id=info%3Adoi%2F10.1287%2Forsc.2.1.125&rft.au=Simon%2C+Herbert&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTisdell,_Clem1996" class="citation book cs1">Tisdell, Clem (1996). <i>Bounded Rationality and Economic Evolution: A Contribution to Decision Making, Economics, and Management</i>. Cheltenham, UK: Brookfield. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-85898-352-3" title="Special:BookSources/978-1-85898-352-3"><bdi>978-1-85898-352-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bounded+Rationality+and+Economic+Evolution%3A+A+Contribution+to+Decision+Making%2C+Economics%2C+and+Management&rft.place=Cheltenham%2C+UK&rft.pub=Brookfield&rft.date=1996&rft.isbn=978-1-85898-352-3&rft.au=Tisdell%2C+Clem&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWheeler2018" class="citation encyclopaedia cs1"><a href="/wiki/Gregory_Wheeler" title="Gregory Wheeler">Wheeler, Gregory</a> (2018). <a rel="nofollow" class="external text" href="https://plato.stanford.edu/entries/bounded-rationality">"Bounded Rationality"</a>. 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Stanford, CA.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Bounded+Rationality&rft.btitle=Stanford+Encyclopedia+of+Philosophy&rft.place=Stanford%2C+CA&rft.date=2018&rft.aulast=Wheeler&rft.aufirst=Gregory&rft_id=https%3A%2F%2Fplato.stanford.edu%2Fentries%2Fbounded-rationality&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_encyclopedia" title="Template:Cite encyclopedia">cite encyclopedia</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>)</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliamson,_Oliver_E.1981" class="citation journal cs1">Williamson, Oliver E. (1981). "The economics of organization: the transaction cost approach". <i>American Journal of Sociology</i>. <b>87</b> (3): <a rel="nofollow" class="external text" href="http://www.polisci.ucsd.edu/gcox/06%20Ollie.pdf">548–577</a> (press <b>+</b>). <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F227496">10.1086/227496</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154070008">154070008</a>.</cite><span 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href="http://www.huwdixon.org/SurfingEconomics/chapter7.pdf">Artificial Intelligence and Economic Theory</a> chapter 7 of <a rel="nofollow" class="external text" href="http://huwdixon.org/SurfingEconomics/index.html">Surfing Economics</a> by <a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation encyclopaedia cs1"><a rel="nofollow" class="external text" href="http://www.iep.utm.edu/re-bo-ag">"Resource Bounded Agents"</a>. <i><a href="/wiki/Internet_Encyclopedia_of_Philosophy" title="Internet Encyclopedia of Philosophy">Internet Encyclopedia of Philosophy</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Resource+Bounded+Agents&rft.btitle=Internet+Encyclopedia+of+Philosophy&rft_id=http%3A%2F%2Fwww.iep.utm.edu%2Fre-bo-ag&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABounded+rationality" 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class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Congestion_game" title="Congestion game">Congestion game</a></li> <li><a href="/wiki/Cooperative_game_theory" title="Cooperative game theory">Cooperative game</a></li> <li><a href="/wiki/Determinacy" title="Determinacy">Determinacy</a></li> <li><a href="/wiki/Escalation_of_commitment" title="Escalation of commitment">Escalation of commitment</a></li> <li><a href="/wiki/Extensive-form_game" title="Extensive-form game">Extensive-form game</a></li> <li><a href="/wiki/First-player_and_second-player_win" title="First-player and second-player win">First-player and second-player win</a></li> <li><a href="/wiki/Game_complexity" title="Game complexity">Game complexity</a></li> <li><a href="/wiki/Graphical_game_theory" title="Graphical game theory">Graphical game</a></li> <li><a href="/wiki/Hierarchy_of_beliefs" title="Hierarchy of beliefs">Hierarchy of beliefs</a></li> <li><a href="/wiki/Information_set_(game_theory)" title="Information set (game theory)">Information set</a></li> <li><a href="/wiki/Normal-form_game" title="Normal-form game">Normal-form game</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preference</a></li> <li><a href="/wiki/Sequential_game" title="Sequential game">Sequential game</a></li> <li><a href="/wiki/Simultaneous_game" title="Simultaneous game">Simultaneous game</a></li> <li><a href="/wiki/Simultaneous_action_selection" title="Simultaneous action selection">Simultaneous action selection</a></li> <li><a href="/wiki/Solved_game" title="Solved game">Solved game</a></li> <li><a href="/wiki/Succinct_game" title="Succinct game">Succinct game</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a><br /><a href="/wiki/Solution_concept" title="Solution concept">concepts</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bayes_correlated_equilibrium" title="Bayes correlated equilibrium">Bayes correlated equilibrium</a></li> <li><a href="/wiki/Bayesian_Nash_equilibrium" class="mw-redirect" title="Bayesian Nash equilibrium">Bayesian Nash equilibrium</a></li> <li><a href="/wiki/Berge_equilibrium" title="Berge equilibrium">Berge equilibrium</a></li> <li><a href="/wiki/Core_(game_theory)" title="Core (game theory)"> Core</a></li> <li><a href="/wiki/Correlated_equilibrium" title="Correlated equilibrium">Correlated equilibrium</a></li> <li><a href="/wiki/Coalition-proof_Nash_equilibrium" title="Coalition-proof Nash equilibrium">Coalition-proof Nash equilibrium</a></li> <li><a href="/wiki/Epsilon-equilibrium" title="Epsilon-equilibrium">Epsilon-equilibrium</a></li> <li><a href="/wiki/Evolutionarily_stable_strategy" title="Evolutionarily stable strategy">Evolutionarily stable strategy</a></li> <li><a href="/wiki/Gibbs_measure" title="Gibbs measure">Gibbs equilibrium</a></li> <li><a href="/wiki/Mertens-stable_equilibrium" title="Mertens-stable equilibrium">Mertens-stable equilibrium</a></li> <li><a href="/wiki/Markov_perfect_equilibrium" title="Markov perfect equilibrium">Markov perfect equilibrium</a></li> <li><a href="/wiki/Nash_equilibrium" title="Nash equilibrium">Nash equilibrium</a></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Perfect_Bayesian_equilibrium" title="Perfect Bayesian equilibrium">Perfect Bayesian equilibrium</a></li> <li><a href="/wiki/Proper_equilibrium" title="Proper equilibrium">Proper equilibrium</a></li> <li><a href="/wiki/Quantal_response_equilibrium" title="Quantal response equilibrium">Quantal response equilibrium</a></li> <li><a href="/wiki/Quasi-perfect_equilibrium" title="Quasi-perfect equilibrium">Quasi-perfect equilibrium</a></li> <li><a href="/wiki/Risk_dominance" title="Risk dominance">Risk dominance</a></li> <li><a href="/wiki/Satisfaction_equilibrium" title="Satisfaction equilibrium">Satisfaction equilibrium</a></li> <li><a href="/wiki/Self-confirming_equilibrium" title="Self-confirming equilibrium">Self-confirming equilibrium</a></li> <li><a href="/wiki/Sequential_equilibrium" title="Sequential equilibrium">Sequential equilibrium</a></li> <li><a href="/wiki/Shapley_value" title="Shapley value">Shapley value</a></li> <li><a href="/wiki/Strong_Nash_equilibrium" title="Strong Nash equilibrium">Strong Nash equilibrium</a></li> <li><a href="/wiki/Subgame_perfect_equilibrium" title="Subgame perfect equilibrium">Subgame perfection</a></li> <li><a href="/wiki/Trembling_hand_perfect_equilibrium" title="Trembling hand perfect equilibrium">Trembling hand equilibrium</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Strategy_(game_theory)" title="Strategy (game theory)">Strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Appeasement" title="Appeasement">Appeasement</a></li> <li><a href="/wiki/Backward_induction" title="Backward induction">Backward induction</a></li> <li><a href="/wiki/Bid_shading" title="Bid shading">Bid shading</a></li> <li><a href="/wiki/Collusion" title="Collusion">Collusion</a></li> <li><a href="/wiki/Cheap_talk" title="Cheap talk">Cheap talk</a></li> <li><a href="/wiki/De-escalation" title="De-escalation">De-escalation</a></li> <li><a href="/wiki/Deterrence_theory" title="Deterrence theory">Deterrence</a></li> <li><a href="/wiki/Conflict_escalation" title="Conflict escalation">Escalation</a></li> <li><a href="/wiki/Forward_induction" class="mw-redirect" title="Forward induction">Forward induction</a></li> <li><a href="/wiki/Grim_trigger" title="Grim trigger">Grim trigger</a></li> <li><a href="/wiki/Markov_strategy" title="Markov strategy">Markov strategy</a></li> <li><a href="/wiki/Pairing_strategy" title="Pairing strategy">Pairing strategy</a></li> <li><a href="/wiki/Strategic_dominance" title="Strategic dominance">Dominant strategies</a></li> <li><a href="/wiki/Strategy_(game_theory)" title="Strategy (game theory)">Pure strategy</a></li> <li><a href="/wiki/Strategy_(game_theory)#Mixed_strategy" title="Strategy (game theory)">Mixed strategy</a></li> <li><a href="/wiki/Strategy-stealing_argument" title="Strategy-stealing argument">Strategy-stealing argument</a></li> <li><a href="/wiki/Tit_for_tat" title="Tit for tat">Tit for tat</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Game_theory_game_classes" title="Category:Game theory game classes">Classes<br />of games</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auction" title="Auction">Auction</a></li> <li><a href="/wiki/Bargaining_problem" class="mw-redirect" title="Bargaining problem">Bargaining problem</a></li> <li><a href="/wiki/Global_game" title="Global game">Global game</a></li> <li><a href="/wiki/Intransitive_game" title="Intransitive game">Intransitive game</a></li> <li><a href="/wiki/Mean-field_game_theory" title="Mean-field game theory">Mean-field game</a></li> <li><a href="/wiki/N-player_game" title="N-player game"><i>n</i>-player game</a></li> <li><a href="/wiki/Perfect_information" title="Perfect information">Perfect information</a></li> <li><a href="/wiki/Poisson_games" class="mw-redirect" title="Poisson games">Large Poisson game</a></li> <li><a href="/wiki/Potential_game" title="Potential game">Potential game</a></li> <li><a href="/wiki/Repeated_game" title="Repeated game">Repeated game</a></li> <li><a href="/wiki/Screening_game" title="Screening game">Screening game</a></li> <li><a href="/wiki/Signaling_game" title="Signaling game">Signaling game</a></li> <li><a href="/wiki/Strictly_determined_game" title="Strictly determined game">Strictly determined game</a></li> <li><a href="/wiki/Stochastic_game" title="Stochastic game">Stochastic game</a></li> <li><a href="/wiki/Symmetric_game" title="Symmetric game">Symmetric game</a></li> <li><a href="/wiki/Zero-sum_game" title="Zero-sum game">Zero-sum game</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_games_in_game_theory" title="List of games in game theory">Games</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Go_(game)" title="Go (game)">Go</a></li> <li><a href="/wiki/Chess" title="Chess">Chess</a></li> <li><a href="/wiki/Infinite_chess" title="Infinite chess">Infinite chess</a></li> <li><a href="/wiki/Draughts" class="mw-redirect" title="Draughts">Checkers</a></li> <li><a href="/wiki/All-pay_auction" title="All-pay auction">All-pay auction</a></li> <li><a href="/wiki/Prisoner%27s_dilemma" title="Prisoner's dilemma">Prisoner's dilemma</a></li> <li><a href="/wiki/Gift-exchange_game" title="Gift-exchange game">Gift-exchange game</a></li> <li><a href="/wiki/Optional_prisoner%27s_dilemma" title="Optional prisoner's dilemma">Optional prisoner's dilemma</a></li> <li><a href="/wiki/Traveler%27s_dilemma" title="Traveler's dilemma">Traveler's dilemma</a></li> <li><a href="/wiki/Coordination_game" title="Coordination game">Coordination game</a></li> <li><a href="/wiki/Chicken_(game)" title="Chicken (game)">Chicken</a></li> <li><a href="/wiki/Centipede_game" title="Centipede game">Centipede game</a></li> <li><a href="/wiki/Lewis_signaling_game" title="Lewis signaling game">Lewis signaling game</a></li> <li><a href="/wiki/Volunteer%27s_dilemma" title="Volunteer's dilemma">Volunteer's dilemma</a></li> <li><a href="/wiki/Dollar_auction" title="Dollar auction">Dollar auction</a></li> <li><a href="/wiki/Battle_of_the_sexes_(game_theory)" title="Battle of the sexes (game theory)">Battle of the sexes</a></li> <li><a href="/wiki/Stag_hunt" title="Stag hunt">Stag hunt</a></li> <li><a href="/wiki/Matching_pennies" title="Matching pennies">Matching pennies</a></li> <li><a href="/wiki/Ultimatum_game" title="Ultimatum game">Ultimatum game</a></li> <li><a href="/wiki/Electronic_mail_game" title="Electronic mail game">Electronic mail game</a></li> <li><a href="/wiki/Rock_paper_scissors" title="Rock paper scissors">Rock paper scissors</a></li> <li><a href="/wiki/Pirate_game" title="Pirate game">Pirate game</a></li> <li><a href="/wiki/Dictator_game" title="Dictator game">Dictator game</a></li> <li><a href="/wiki/Public_goods_game" title="Public goods game">Public goods game</a></li> <li><a href="/wiki/Blotto_game" title="Blotto game">Blotto game</a></li> <li><a href="/wiki/War_of_attrition_(game)" title="War of attrition (game)">War of attrition</a></li> <li><a href="/wiki/El_Farol_Bar_problem" title="El Farol Bar problem">El Farol Bar problem</a></li> <li><a href="/wiki/Fair_division" title="Fair division">Fair division</a></li> <li><a href="/wiki/Fair_cake-cutting" title="Fair cake-cutting">Fair cake-cutting</a></li> <li><a href="/wiki/Bertrand_competition" title="Bertrand competition">Bertrand competition</a></li> <li><a href="/wiki/Cournot_competition" title="Cournot competition">Cournot competition</a></li> <li><a href="/wiki/Stackelberg_competition" title="Stackelberg competition">Stackelberg competition</a></li> <li><a href="/wiki/Deadlock_(game_theory)" title="Deadlock (game theory)">Deadlock</a></li> <li><a href="/wiki/Unscrupulous_diner%27s_dilemma" title="Unscrupulous diner's dilemma">Diner's dilemma</a></li> <li><a href="/wiki/Guess_2/3_of_the_average" title="Guess 2/3 of the average">Guess 2/3 of the average</a></li> <li><a href="/wiki/Kuhn_poker" title="Kuhn poker">Kuhn poker</a></li> <li><a href="/wiki/Bargaining_problem" class="mw-redirect" title="Bargaining problem">Nash bargaining game</a></li> <li><a href="/wiki/Induction_puzzles" title="Induction puzzles">Induction puzzles</a></li> <li><a href="/wiki/Dictator_game#Trust_game" title="Dictator game">Trust game</a></li> <li><a href="/wiki/Princess_and_monster_game" title="Princess and monster game">Princess and monster game</a></li> <li><a href="/wiki/Rendezvous_problem" title="Rendezvous problem">Rendezvous problem</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theorems</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aumann%27s_agreement_theorem" title="Aumann's agreement theorem">Aumann's agreement theorem</a></li> <li><a href="/wiki/Folk_theorem_(game_theory)" title="Folk theorem (game theory)">Folk theorem</a></li> <li><a href="/wiki/Minimax" title="Minimax">Minimax theorem</a></li> <li><a href="/wiki/Nash_equilibrium" title="Nash equilibrium">Nash's theorem</a></li> <li><a href="/wiki/Negamax" title="Negamax">Negamax theorem</a></li> <li><a href="/wiki/Purification_theorem" title="Purification theorem">Purification theorem</a></li> <li><a href="/wiki/Revelation_principle" title="Revelation principle">Revelation principle</a></li> <li><a href="/wiki/Sprague%E2%80%93Grundy_theorem" title="Sprague–Grundy theorem">Sprague–Grundy theorem</a></li> <li><a href="/wiki/Zermelo%27s_theorem_(game_theory)" title="Zermelo's theorem (game theory)">Zermelo's theorem</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Key<br />figures</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Albert_W._Tucker" title="Albert W. Tucker">Albert W. Tucker</a></li> <li><a href="/wiki/Amos_Tversky" title="Amos Tversky">Amos Tversky</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Antoine Augustin Cournot</a></li> <li><a href="/wiki/Ariel_Rubinstein" title="Ariel Rubinstein">Ariel Rubinstein</a></li> <li><a href="/wiki/Claude_Shannon" title="Claude Shannon">Claude Shannon</a></li> <li><a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a></li> <li><a href="/wiki/David_K._Levine" title="David K. Levine">David K. Levine</a></li> <li><a href="/wiki/David_M._Kreps" title="David M. Kreps">David M. Kreps</a></li> <li><a href="/wiki/Donald_B._Gillies" title="Donald B. Gillies">Donald B. Gillies</a></li> <li><a href="/wiki/Drew_Fudenberg" title="Drew Fudenberg">Drew Fudenberg</a></li> <li><a href="/wiki/Eric_Maskin" title="Eric Maskin">Eric Maskin</a></li> <li><a href="/wiki/Harold_W._Kuhn" title="Harold W. Kuhn">Harold W. Kuhn</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert Simon</a></li> <li><a href="/wiki/Herv%C3%A9_Moulin" title="Hervé Moulin">Hervé Moulin</a></li> <li><a href="/wiki/John_Conway" class="mw-redirect" title="John Conway">John Conway</a></li> <li><a href="/wiki/Jean_Tirole" title="Jean Tirole">Jean Tirole</a></li> <li><a href="/wiki/Jean-Fran%C3%A7ois_Mertens" title="Jean-François Mertens">Jean-François Mertens</a></li> <li><a href="/wiki/Jennifer_Tour_Chayes" title="Jennifer Tour Chayes">Jennifer Tour Chayes</a></li> <li><a href="/wiki/John_Harsanyi" title="John Harsanyi">John Harsanyi</a></li> <li><a href="/wiki/John_Maynard_Smith" title="John Maynard Smith">John Maynard Smith</a></li> <li><a href="/wiki/John_Forbes_Nash_Jr." title="John Forbes Nash Jr.">John Nash</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">John von Neumann</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Kenneth Arrow</a></li> <li><a href="/wiki/Kenneth_Binmore" title="Kenneth Binmore">Kenneth Binmore</a></li> <li><a href="/wiki/Leonid_Hurwicz" title="Leonid Hurwicz">Leonid Hurwicz</a></li> <li><a href="/wiki/Lloyd_Shapley" title="Lloyd Shapley">Lloyd Shapley</a></li> <li><a href="/wiki/Melvin_Dresher" title="Melvin Dresher">Melvin Dresher</a></li> <li><a href="/wiki/Merrill_M._Flood" title="Merrill M. Flood">Merrill M. Flood</a></li> <li><a href="/wiki/Olga_Bondareva" title="Olga Bondareva">Olga Bondareva</a></li> <li><a href="/wiki/Oskar_Morgenstern" title="Oskar Morgenstern">Oskar Morgenstern</a></li> <li><a href="/wiki/Paul_Milgrom" title="Paul Milgrom">Paul Milgrom</a></li> <li><a href="/wiki/Peyton_Young" title="Peyton Young">Peyton Young</a></li> <li><a href="/wiki/Reinhard_Selten" title="Reinhard Selten">Reinhard Selten</a></li> <li><a href="/wiki/Robert_Axelrod_(political_scientist)" title="Robert Axelrod (political scientist)">Robert Axelrod</a></li> <li><a href="/wiki/Robert_Aumann" title="Robert Aumann">Robert Aumann</a></li> <li><a href="/wiki/Robert_B._Wilson" title="Robert B. Wilson">Robert B. Wilson</a></li> <li><a href="/wiki/Roger_Myerson" title="Roger Myerson">Roger Myerson</a></li> <li><a href="/wiki/Samuel_Bowles_(economist)" title="Samuel Bowles (economist)"> Samuel Bowles</a></li> <li><a href="/wiki/Suzanne_Scotchmer" title="Suzanne Scotchmer">Suzanne Scotchmer</a></li> <li><a href="/wiki/Thomas_Schelling" title="Thomas Schelling">Thomas Schelling</a></li> <li><a href="/wiki/William_Vickrey" title="William Vickrey">William Vickrey</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Search optimizations</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha%E2%80%93beta_pruning" title="Alpha–beta pruning">Alpha–beta pruning</a></li> <li><a href="/wiki/Aspiration_window" title="Aspiration window">Aspiration window</a></li> <li><a href="/wiki/Principal_variation_search" title="Principal variation search">Principal variation search</a></li> <li><a href="/wiki/Max%5En_algorithm" title="Max^n algorithm">max^n algorithm</a></li> <li><a href="/wiki/Paranoid_algorithm" title="Paranoid algorithm">Paranoid algorithm</a></li> <li><a href="/wiki/Lazy_SMP" title="Lazy SMP">Lazy SMP</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Miscellaneous</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Bounded rationality</a></li> <li><a href="/wiki/Combinatorial_game_theory" title="Combinatorial game theory">Combinatorial game theory</a></li> <li><a href="/wiki/Confrontation_analysis" title="Confrontation analysis">Confrontation analysis</a></li> <li><a href="/wiki/Coopetition" title="Coopetition">Coopetition</a></li> <li><a href="/wiki/Evolutionary_game_theory" title="Evolutionary game theory">Evolutionary game theory</a></li> <li><a href="/wiki/Glossary_of_game_theory" title="Glossary of game theory">Glossary of game theory</a></li> <li><a href="/wiki/List_of_game_theorists" title="List of game theorists">List of game theorists</a></li> <li><a href="/wiki/List_of_games_in_game_theory" title="List of games in game theory">List of games in game theory</a></li> <li><a href="/wiki/No-win_situation" title="No-win situation">No-win situation</a></li> <li><a href="/wiki/Topological_game" title="Topological game">Topological game</a></li> <li><a href="/wiki/Tragedy_of_the_commons" title="Tragedy of the commons">Tragedy of the commons</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Institutional_economics" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Instecon" title="Template:Instecon"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Instecon" title="Template talk:Instecon"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Instecon" title="Special:EditPage/Template:Instecon"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Institutional_economics" style="font-size:114%;margin:0 4em"><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutional economists</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Werner_Abelshauser" title="Werner Abelshauser">Werner Abelshauser</a></li> <li><a href="/wiki/Clarence_Edwin_Ayres" title="Clarence Edwin Ayres">Clarence Edwin Ayres</a></li> <li><a href="/wiki/Joe_S._Bain" class="mw-redirect" title="Joe S. Bain">Joe S. Bain</a></li> <li><a href="/wiki/Shimshon_Bichler" title="Shimshon Bichler">Shimshon Bichler</a></li> <li><a href="/wiki/Robert_A._Brady" title="Robert A. Brady">Robert A. Brady</a></li> <li><a href="/wiki/Daniel_Bromley" title="Daniel Bromley">Daniel Bromley</a></li> <li><a href="/wiki/Ha-Joon_Chang" title="Ha-Joon Chang">Ha-Joon Chang</a></li> <li><a href="/wiki/John_Maurice_Clark" title="John Maurice Clark">John Maurice Clark</a></li> <li><a href="/wiki/John_R._Commons" title="John R. Commons">John R. Commons</a></li> <li><a href="/wiki/Richard_T._Ely" title="Richard T. Ely">Richard T. Ely</a></li> <li><a href="/wiki/Robert_H._Frank" title="Robert H. Frank">Robert H. Frank</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a></li> <li><a href="/wiki/Walton_Hale_Hamilton" title="Walton Hale Hamilton">Walton Hale Hamilton</a></li> <li><a href="/wiki/Orris_C._Herfindahl" title="Orris C. Herfindahl">Orris C. Herfindahl</a></li> <li><a href="/wiki/Albert_O._Hirschman" title="Albert O. Hirschman">Albert O. Hirschman</a></li> <li><a href="/wiki/Geoffrey_Hodgson" title="Geoffrey Hodgson">Geoffrey Hodgson</a></li> <li><a href="/wiki/J%C3%A1nos_Kornai" title="János Kornai">János Kornai</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Hunter_Lewis" title="Hunter Lewis">Hunter Lewis</a></li> <li><a href="/wiki/Jesse_W._Markham" title="Jesse W. Markham">Jesse W. Markham</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Jonathan_Nitzan" title="Jonathan Nitzan">Jonathan Nitzan</a></li> <li><a href="/wiki/Warren_Samuels" title="Warren Samuels">Warren Samuels</a></li> <li><a href="/wiki/Fran%C3%A7ois_Simiand" title="François Simiand">François Simiand</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Herbert A. Simon</a></li> <li><a href="/wiki/Frank_Stilwell_(economist)" title="Frank Stilwell (economist)">Frank Stilwell</a></li> <li><a href="/wiki/George_W._Stocking_Sr." title="George W. Stocking Sr.">George W. Stocking Sr.</a></li> <li><a href="/wiki/Lars_P%C3%A5lsson_Syll" title="Lars Pålsson Syll">Lars Pålsson Syll</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Thorstein Veblen</a></li> <li><a href="/wiki/Edward_Lawrence_Wheelwright" title="Edward Lawrence Wheelwright">Edward Lawrence Wheelwright</a></li> <li><a href="/wiki/Erich_Zimmermann" title="Erich Zimmermann">Erich Zimmermann</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional economists</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Daron_Acemoglu" title="Daron Acemoglu">Daron Acemoglu</a></li> <li><a href="/wiki/Armen_Alchian" title="Armen Alchian">Armen Alchian </a></li> <li><a href="/wiki/Masahiko_Aoki" title="Masahiko Aoki">Masahiko Aoki</a></li> <li><a href="/wiki/Steven_N._S._Cheung" title="Steven N. S. Cheung">Steven N. S. Cheung</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Ronald Coase</a></li> <li><a href="/wiki/Harold_Demsetz" title="Harold Demsetz">Harold Demsetz</a></li> <li><a href="/wiki/Avner_Greif" title="Avner Greif">Avner Greif</a></li> <li><a href="/wiki/Claude_M%C3%A9nard_(economist)" title="Claude Ménard (economist)">Claude Ménard</a></li> <li><a href="/wiki/Douglass_North" title="Douglass North">Douglass North</a></li> <li><a href="/wiki/Mancur_Olson" title="Mancur Olson">Mancur Olson</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Elinor Ostrom</a></li> <li><a href="/wiki/Oliver_E._Williamson" title="Oliver E. Williamson">Oliver E. Williamson</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economists</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/George_Ainslie_(psychologist)" title="George Ainslie (psychologist)">George Ainslie</a></li> <li><a href="/wiki/Dan_Ariely" title="Dan Ariely">Dan Ariely</a></li> <li><a href="/wiki/Nava_Ashraf" title="Nava Ashraf">Nava Ashraf</a></li> <li><a href="/wiki/Ofer_Azar" title="Ofer Azar">Ofer Azar</a></li> <li><a href="/wiki/Douglas_Bernheim" title="Douglas Bernheim">Douglas Bernheim</a></li> <li><a href="/wiki/Samuel_Bowles_(economist)" title="Samuel Bowles (economist)">Samuel Bowles</a></li> <li><a href="/wiki/Sarah_Brosnan" title="Sarah Brosnan">Sarah Brosnan</a></li> <li><a href="/wiki/Colin_Camerer" title="Colin Camerer">Colin Camerer</a></li> <li><a href="/wiki/David_Cesarini" title="David Cesarini">David Cesarini</a></li> <li><a href="/wiki/Kay-Yut_Chen" title="Kay-Yut Chen">Kay-Yut Chen</a></li> <li><a href="/wiki/Rachel_Croson" title="Rachel Croson">Rachel Croson</a></li> <li><a href="/wiki/Werner_De_Bondt" title="Werner De Bondt">Werner De Bondt</a></li> <li><a href="/wiki/Paul_Dolan_(academic)" class="mw-redirect" title="Paul Dolan (academic)">Paul Dolan</a></li> <li><a href="/wiki/Stephen_Duneier" title="Stephen Duneier">Stephen Duneier</a></li> <li><a href="/wiki/Catherine_C._Eckel" title="Catherine C. Eckel">Catherine C. Eckel</a></li> <li><a href="/wiki/Armin_Falk" title="Armin Falk">Armin Falk</a></li> <li><a href="/wiki/Urs_Fischbacher" title="Urs Fischbacher">Urs Fischbacher</a></li> <li><a href="/wiki/Herbert_Gintis" title="Herbert Gintis">Herbert Gintis</a></li> <li><a href="/wiki/Uri_Gneezy" title="Uri Gneezy">Uri Gneezy</a></li> <li><a href="/wiki/David_Halpern_(psychologist)" title="David Halpern (psychologist)">David Halpern</a></li> <li><a href="/wiki/Charles_A._Holt" title="Charles A. Holt">Charles A. Holt</a></li> <li><a href="/wiki/David_Ryan_Just" title="David Ryan Just">David Ryan Just</a></li> <li><a href="/wiki/Daniel_Kahneman" title="Daniel Kahneman">Daniel Kahneman</a></li> <li><a href="/wiki/Ariel_Kalil" title="Ariel Kalil">Ariel Kalil</a></li> <li><a href="/wiki/George_Katona" title="George Katona">George Katona</a></li> <li><a href="/wiki/Jeffrey_R._Kling" title="Jeffrey R. Kling">Jeffrey R. Kling</a></li> <li><a href="/wiki/George_Loewenstein" title="George Loewenstein">George Loewenstein</a></li> <li><a href="/wiki/Graham_Loomes" title="Graham Loomes">Graham Loomes</a></li> <li><a href="/wiki/Brigitte_C._Madrian" title="Brigitte C. Madrian">Brigitte C. Madrian</a></li> <li><a href="/wiki/Gary_McClelland" title="Gary McClelland">Gary McClelland</a></li> <li><a href="/wiki/Matteo_Motterlini" title="Matteo Motterlini">Matteo Motterlini</a></li> <li><a href="/wiki/Sendhil_Mullainathan" title="Sendhil Mullainathan">Sendhil Mullainathan</a></li> <li><a href="/wiki/Michael_Norton_(professor)" title="Michael Norton (professor)">Michael Norton</a></li> <li><a href="/wiki/Matthew_Rabin" title="Matthew Rabin">Matthew Rabin</a></li> <li><a href="/wiki/Howard_Rachlin" title="Howard Rachlin">Howard Rachlin</a></li> <li><a href="/wiki/Klaus_M._Schmidt" title="Klaus M. Schmidt">Klaus M. Schmidt</a></li> <li><a href="/wiki/Eldar_Shafir" title="Eldar Shafir">Eldar Shafir</a></li> <li><a href="/wiki/Hersh_Shefrin" title="Hersh Shefrin">Hersh Shefrin</a></li> <li><a href="/wiki/Robert_J._Shiller" title="Robert J. Shiller">Robert J. Shiller</a></li> <li><a href="/wiki/Uwe_Sunde" title="Uwe Sunde">Uwe Sunde</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a></li> <li><a href="/wiki/Amos_Tversky" title="Amos Tversky">Amos Tversky</a></li> <li><a href="/wiki/Robert_W._Vishny" title="Robert W. Vishny">Robert W. Vishny</a></li> <li><a href="/wiki/Georg_Weizs%C3%A4cker" title="Georg Weizsäcker">Georg Weizsäcker</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economic_sociology" title="Economic sociology">Economic sociologists</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jens_Beckert" title="Jens Beckert">Jens Beckert</a></li> <li><a href="/wiki/Fred_L._Block" title="Fred L. Block">Fred L. Block</a></li> <li><a href="/wiki/James_Smoot_Coleman" title="James Smoot Coleman">James S. Coleman</a></li> <li><a href="/wiki/Paul_DiMaggio" title="Paul DiMaggio">Paul DiMaggio</a></li> <li><a href="/wiki/Paula_England" title="Paula England">Paula England</a></li> <li><a href="/wiki/Mark_Granovetter" title="Mark Granovetter">Mark Granovetter</a></li> <li><a href="/wiki/Donald_Angus_MacKenzie" class="mw-redirect" title="Donald Angus MacKenzie">Donald Angus MacKenzie</a></li> <li><a href="/wiki/Joel_M._Podolny" title="Joel M. Podolny">Joel M. Podolny</a></li> <li><a href="/wiki/Lynette_Spillman" title="Lynette Spillman">Lynette Spillman</a></li> <li><a href="/wiki/Richard_Swedberg" title="Richard Swedberg">Richard Swedberg</a></li> <li><a href="/wiki/Laurent_Th%C3%A9venot" title="Laurent Thévenot">Laurent Thévenot</a></li> <li><a href="/wiki/Carlo_Trigilia" title="Carlo Trigilia">Carlo Trigilia</a></li> <li><a href="/wiki/Harrison_White" title="Harrison White">Harrison White</a></li> <li><a href="/wiki/Viviana_Zelizer" title="Viviana Zelizer">Viviana Zelizer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Key concepts and ideas</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator effect</a></li> <li><a href="/wiki/Administered_prices" title="Administered prices">Administered prices</a></li> <li><a href="/wiki/Barriers_to_entry" title="Barriers to entry">Barriers to entry</a></li> <li><a class="mw-selflink selflink">Bounded rationality</a></li> <li><a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">Conspicuous consumption</a></li> <li><a href="/wiki/Conspicuous_leisure" title="Conspicuous leisure">Conspicuous leisure</a></li> <li><a href="/wiki/Conventional_wisdom" title="Conventional wisdom">Conventional wisdom</a></li> <li><a href="/wiki/Countervailing_power" title="Countervailing power">Countervailing power</a></li> <li><a href="/wiki/Effective_competition" title="Effective competition">Effective competition</a></li> <li><a href="/wiki/Herfindahl_index" class="mw-redirect" title="Herfindahl index">Herfindahl index</a></li> <li><a href="/wiki/Hiding_hand_principle" title="Hiding hand principle">Hiding hand principle</a></li> <li><a href="/wiki/Hirschman_cycle" title="Hirschman cycle">Hirschman cycle</a></li> <li><a href="/wiki/Instrumentalism" title="Instrumentalism">Instrumentalism</a></li> <li><a href="/wiki/Kuznets_swing" title="Kuznets swing">Kuznets cycles</a></li> <li><a href="/wiki/Market_concentration" title="Market concentration">Market concentration</a></li> <li><a href="/wiki/Market_power" title="Market power">Market power</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a></li> <li><a href="/wiki/Backwardness" title="Backwardness">Penalty of taking the lead</a></li> <li><a href="/wiki/Satisficing" title="Satisficing">Satisficing</a></li> <li><a href="/wiki/Shortage_economy" title="Shortage economy">Shortage economy</a></li> <li><a href="/wiki/Structure%E2%80%93conduct%E2%80%93performance_paradigm" title="Structure–conduct–performance paradigm">Structure–conduct–performance paradigm</a></li> <li><a href="/wiki/Technostructure" title="Technostructure">Technostructure</a></li> <li><a href="/wiki/Theory_of_two-level_planning" title="Theory of two-level planning">Theory of two-level planning</a></li> <li><a href="/wiki/Veblen_good" title="Veblen good">Veblen goods</a></li> <li><a href="/wiki/Veblenian_dichotomy" class="mw-redirect" title="Veblenian dichotomy">Veblenian dichotomy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related fields</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical school of economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/Evolutionary_psychology" title="Evolutionary psychology">Evolutionary psychology</a></li> <li><a href="/wiki/Schools_of_economic_thought#French_historical_school" title="Schools of economic thought">French historical school</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical school of economics</a></li> <li><a href="/wiki/Legal_realism" title="Legal realism">Legal realism</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; 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