Advanced Introduction to Bounded Rationality

Hardback

Advanced Introduction to Bounded Rationality

9781800377837 Edward Elgar Publishing
Clement A. Tisdell, Professor Emeritus, School of Economics, The University of Queensland, Australia
Publication Date: January 2023 ISBN: 978 1 80037 783 7 Extent: 168 pp
Offering a concise and engaging overview of the concepts of bounded rationality and their applications, this stimulating Advanced Introduction engages with the topic in a constructively critical manner, introducing new ideas. Chapters cover key topics including: optimally imperfect decisions; ecological rationality; the role of bounded rationality in evolutionary economics; satisficing as a response to bounded rationality; desirable types of economic decisions; the relational exercise of foresight; and the impact of bounded rationality of the efficiency of organizations.

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Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.

Offering an engaging overview of the concepts of bounded rationality and their applications, this stimulating Advanced Introduction engages with the topic in a constructively critical manner to introduce new ideas. Chapters cover key topics including: optimally imperfect decisions; ecological rationality; the role of bounded rationality in evolutionary economics; satisficing as a response to bounded rationality; desirable types of economic decisions; the relational exercise of foresight; and the impact of bounded rationality of the efficiency of organizations.

Key Features:
• Demonstrates the progress made in the field over the last century
• Presents a unique, succinct and useful coverage of the core issues in the topic
• Outlines different concepts of rationality and specifies factors that result in limited rationality

Postgraduate and advanced undergraduate economics and business management students will find this a stimulating read. The easy-to-follow exposition of the topic and careful use of diagrams will also make this an interesting book for decision-makers, business managers and policy makers who have studied economics or business administration.
Critical Acclaim
‘This book is essential reading for those interested in bounded rationality as a framework to understand economic decision making. This well-written book explains how Herbert Simon’s original insight of bounded rationality underlies some of the most basic concepts of economics including constrained optimization, satisficing, and the cross-cultural regularities in human decision making uncovered by behavioral economics.’
– John Gowdy, Rensselaer Polytechnic Institute, US

‘This is a very scholarly and comprehensive look at bounded rationality, a core subject in the behavioural sciences... Essential reading... It provides an unusually balanced view of the subject.’
– Konstantinos Katsikopoulos, University of Southampton, UK
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