Bounded rationality is the idea that in decision-making, rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. It was proposed by Herbert A. Simon as an alternative basis for the mathematical modeling of decision making, as used in e...
Found on
http://en.wikipedia.org/wiki/Bounded_rationality
Models of bounded rationality are defined in a recent book by Ariel Rubinstein as those in which some aspect of the process of choice is explicitly modeled. Source: Rubinstein, Ariel. 1998. Modeling Bounded Rationality. Contexts: game theory; micro theory
Found on
http://www.econterms.com/glossary.cgi?query=bounded+rationality
A form of behaviour associated with uncertainty where individuals do not examine every possible option open to them, but simply consider a number of alternatives which happen to occur to them.
Found on
http://www.encyclo.co.uk/visitor-contributions.php
Bounded rationality is a form of rationality in which it is assumed that some economic agents will not go to the lengths of calculation required by full rationality in order to attain either utility or profit maximization but will instead follow various empirical rules determined by the complexity of the real situations they encounter. The concept ...
Found on
http://www.probertencyclopaedia.com/browse/JB.HTM
No exact match found.
