Economics Bounded Rationality And The Cognitive Revolution

Author : The late Herbert A. Simon,Massimo Egidi,Robin Lapthorn Marris,Riccardo Viale
Publisher : Edward Elgar Publishing
Page : 244 pages
File Size : 49,8 Mb
Release : 2024-06-01
Category : Business & Economics
ISBN : 1781008221

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Economics, Bounded Rationality and the Cognitive Revolution by The late Herbert A. Simon,Massimo Egidi,Robin Lapthorn Marris,Riccardo Viale Pdf

The purpose of this book is to publish the ideas of the late Herbert Simon and sympathetic economists, on the subject of bounded rationality, economics, cognitive science and related disciplines, and to reprint some of Professor Simon's classic papers which have appeared in journals not widely read by economists. Not only on account of his Nobel Prize in Economics, but also because of the widespread applications of his ideas and theories, it is especially valuable to readers to have a book of this kind at the present time. Currently in this whole field, there is increasing emphasis on computer-related theory building. Herbert Simon, beginning from the time when microcomputers did not exist, was a pioneer of this approach. The book begins with an edited transcript of a colloquium, held between Herbert Simon and a group of Italian economists in Italy in 1988. It continues with the reprinted Simon papers and papers by three scholars, Raymond Boudon, Massimo Egidi and Riccardo Viale coming from different disciplines but holding a common interest in bounded rationality and ends with a response by a sympathetic economist, Robin Marris.

Author : Herbert Alexander Simon,Massimo Egidi,Robin Lapthorn Marris
Publisher : Edward Elgar Publishing
Page : 232 pages
File Size : 53,5 Mb
Release : 2008
Category : Business & Economics
ISBN : 1847208967

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Economics, Bounded Rationality and the Cognitive Revolution by Herbert Alexander Simon,Massimo Egidi,Robin Lapthorn Marris Pdf

The purpose of this book is to publish the ideas of the late Herbert Simon and sympathetic economists, on the subject of bounded rationality, economics, cognitive science and related disciplines, and to reprint some of Professor Simon's classic papers which have appeared in journals not widely read by economists.

Author : Riccardo Viale
Publisher : Routledge
Page : 681 pages
File Size : 41,5 Mb
Release : 2020-12-02
Category : Business & Economics
ISBN : 9781317330806

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Routledge Handbook of Bounded Rationality by Riccardo Viale Pdf

Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.

Author : Riccardo Viale
Publisher : Springer
Page : 0 pages
File Size : 50,7 Mb
Release : 2012-05-25
Category : Social Science
ISBN : 3642247423

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Methodological Cognitivism by Riccardo Viale Pdf

This book deals with the cognitive foundation of the theory of social action. The social sciences are still guided by models of social action, far from the empirical reality of the psychology of action. While economics seems to have made greater progress in accepting the changes to the theory of action derived from cognitive science (see, for example, the 2002 Nobel prize for economics awarded to Daniel Kahneman), sociology is still being oriented on the dualism of hermeneutics vs. structuralism, which leaves very little room for a cognitive theory of social action. The unique features of the book are its combination of epistemology, philosophy of mind and cognitive science in order to renew and overcome the limits of the current methodologies of social science and in particular methodological individualism. Methodological cognitivism is proposed as an alternative to the holistic character of structuralism, to the intentionalist and rationalist features of methodological individualism, and to the relativistic character of hermeneutics and ethnomethodology.

Author : Riccardo Viale
Publisher : Springer Science & Business Media
Page : 447 pages
File Size : 52,7 Mb
Release : 2014-01-09
Category : Social Science
ISBN : 9783642402166

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Methodological Cognitivism by Riccardo Viale Pdf

This book covers a broad spectrum of topics, from experimental philosophy and cognitive theory of science, to social epistemology and research and innovation policy. Following up on the previously published Volume 1, “Mind, Rationality, and Society,” it provides further applications of methodological cognitivism in areas such as scientific discovery, technology transfer and innovation policy. It also analyzes the impact of cognitive science on philosophical problems like causality and truth. The book is divided into four parts: Part I “Experimental Philosophy and Causality” tackles the problem of causality, which is often seen as straddling metaphysics, ontology and epistemology. Part II “Cognitive Rationality of Science” deals with the cognitive foundation of scientific rationality, starting from a strong critique of the neopositivist rationality of science on the one hand and of the relativist and social reduction of the methodology of science on the other. Part III “Research Policy and Social Epistemology” deals with topics of social epistemology, science policy and culture of innovation. Lastly, Part IV “Knowledge Transfer and Innovation” addresses the dynamics of knowledge generation, transfer and use in technological innovation.

Author : Riccardo Viale
Publisher : Unknown
Page : 468 pages
File Size : 44,7 Mb
Release : 2014-01-31
Category : Electronic
ISBN : 3642402178

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Methodological Cognitivism by Riccardo Viale Pdf

Author : Graham Mallard
Publisher : Routledge
Page : 132 pages
File Size : 42,9 Mb
Release : 2015-08-14
Category : Business & Economics
ISBN : 9781317653851

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Bounded Rationality and Behavioural Economics by Graham Mallard Pdf

Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.

Author : Salvatore Rizzello
Publisher : Routledge
Page : 416 pages
File Size : 41,5 Mb
Release : 2003-08-29
Category : Business & Economics
ISBN : 9781134402182

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Cognitive Developments in Economics by Salvatore Rizzello Pdf

Cognitive Developments in Economics proposes an interdisciplinary approach to the study of human problem solving, choice, decision-making and change, to explain economic transactions, and the nature and evolution of organisations and institutions. The book contributes to a large spectrum of economic fields such as consumer theory, economics of the firm, economics of innovation, evolutionary economics and experimental economics.

Author : Graham Mallard
Publisher : Routledge
Page : 132 pages
File Size : 50,5 Mb
Release : 2015-08-14
Category : Business & Economics
ISBN : 9781317653844

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Bounded Rationality and Behavioural Economics by Graham Mallard Pdf

Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.

Author : Riccardo Viale
Publisher : MIT Press
Page : 255 pages
File Size : 42,9 Mb
Release : 2022-10-04
Category : Business & Economics
ISBN : 9780262371582

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Nudging by Riccardo Viale Pdf

How “nudges” by government can empower citizens without manipulating their preferences or exploiting their biases. We’re all familiar with the idea of “nudging”—using behavioral mechanisms to encourage people to make certain choices—popularized by Richard Thaler and Cass Sunstein in their bestselling 2008 book Nudge. This approach, also known as “libertarian paternalism,” goes beyond typical programs that simply provide information and incentives; nudges can range from automatic enrollment in a pension plan to flu-shot scheduling. In Nudging, Riccardo Viale explores the evolution of nudging and proposes new approaches that would empower citizens without manipulating them paternalistically. He shows that we can use the tools of the behavioral sciences without abandoning the principle of conscious decision-making. Viale discusses the work of Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Amos Tversky that laid the foundation of behavioral economics, describes how policy makers have sought to help people avoid bad decisions, offers examples of effective nudging, and considers how to nudge the nudgers. How can we tell good nudges from bad nudges? Viale explains that good nudges help us avoid bias and encourage deliberate decision making; bad nudges, on the other hand, use bias to nudge people unconsciously into unintentional behaviors. Bad nudges attempt to compel decisions based on economic rationality. Good nudges encourage decisions based on a pragmatic, adaptive, ecological kind of rationality. Policy makers should take note.

Author : Serena Sandri
Publisher : Springer Science & Business Media
Page : 206 pages
File Size : 52,8 Mb
Release : 2008-11-30
Category : Business & Economics
ISBN : 9783790820928

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Reflexivity in Economics by Serena Sandri Pdf

Since the individuals are not just stimulus-response machines but more complex beings that think and are simultaneously conscious of their thought, re?exivity is potentially involved in all human acts of cognition and in all conceptualizations. On this basis, each human discourse can be characterized as a way of thought f- mulation and therefore, reveals a self-referring nature. On this level of re?exivity, the individual thought shapes beliefs and mental representations which give life to mental models and strive to predict future events and developments to support the individuals in their decision-making. Such mental models are re?ected by the - dividuals themselves and on the situation they are confronted with. According to the result of this recursive application, the individuals will then decide which model they want to refer to, or in other words, which model they want to absorb. Similarly, the individuals can make use of social theories and predictions which can therefore yield recursive effects and interfere with the phenomena they aim to depict. Revealed theories, if accepted, may in?uence the behaviour or the agents they focus on, either in the sense of validation of the theoretical content or in that of its rejection.

Author : Univ Of Chicago,Herbert A. Simon
Publisher : Mit Press
Page : 336 pages
File Size : 46,9 Mb
Release : 1997-07
Category : Business & Economics
ISBN : 0262519437

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Models of Bounded Rationality by Univ Of Chicago,Herbert A. Simon Pdf

Offering alternative models based on such concepts as satisficing(acceptance of viable choices that may not be the undiscoverableoptimum) and bounded rationality (the limited extent to which rationalcalculation can direct human behavior), Simon shows concretely whymore empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, isneeded.

Author : Sanjit Dhami,Cass R. Sunstein
Publisher : MIT Press
Page : 553 pages
File Size : 54,9 Mb
Release : 2022-07-12
Category : Business & Economics
ISBN : 9780262543705

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Bounded Rationality by Sanjit Dhami,Cass R. Sunstein Pdf

Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”

Author : Steven Rosefielde,Ralph W Pfouts
Publisher : World Scientific
Page : 220 pages
File Size : 41,9 Mb
Release : 2014-11-27
Category : Business & Economics
ISBN : 9789814566667

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Inclusive Economic Theory by Steven Rosefielde,Ralph W Pfouts Pdf

The goal of “Inclusive Economics” is to tie together various authoritative strands of contemporary economic theory into an easily comprehensible whole that illuminates the need for a broader approach to contemporary economic policymaking undistorted by obsolete 18th century rationalist assumptions about utility, ethics, worthiness and traditional culture. This is accomplished by elaborating the rationalist competitive ideal along the optimizing lines pioneered by Paul Samuelson (neoclassical economics); plumbing modifications necessitated by Herbert Simon's realist concepts of “bounded rationality” and “satisficing”; refined further by applying a pragmatist outlook to probe the consequences of relaxing Enlightenment teleological, ethical, spiritual and cultural taboos. The exercise will explain why competitive market economies guided by rational utility-seeking invariably are less productive, efficient, just and beneficent than most theorists concede, and will illuminate the full range of interventions needed to achieve better outcomes. We call this program in its entirety “Inclusive Economics”, including the integration of micro and macroeconomics. Contents:IntroductionNeoclassical Economics:Rational UtilitarianismCompetitive IdealBounded RationalityCore Consumer Behavior Theory: Ideal and RealistProduction and CostsInstitutionsMacroeconomicsGovernanceDemocracyNeo-realist Economics:When Reason FailsWhy Reason Seldom PrevailsDangersOpportunitiesInclusive Economics:Umbrella of Complementary ParadigmsTruthMathematical Appendices:Bergsonian Social Welfare FunctionsIdealist Neoclassical Consumer Utility OptimizationIdealist Neoclassical Production: Multiproduct FirmRealist Profit and Revenue Seeking: Multi-firm Interaction EffectsRealist Retail Satisficing Readership: Undergraduates, graduates, academics and professionals who are interested in economic theory and mathematical economics. Policymakers who are in need of a broad practical approach to contemporary economic policymaking. Keywords:Inclusive Economic Theory;Satisficing;Systems;CultureReviews: “All economists and persons who are interested in economics in a serious fashion should hurry to read this book and think its propositions through.” Daniel Quinn Mills Professor Emeritus Harvard Business School

Author : Riccardo Viale
Publisher : Routledge
Page : 844 pages
File Size : 40,8 Mb
Release : 2020-12-02
Category : Business & Economics
ISBN : 9781317330790

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Routledge Handbook of Bounded Rationality by Riccardo Viale Pdf

Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.