Corpus ID: 144074686

Bounded rationality: The adaptive toolbox

  title={Bounded rationality: The adaptive toolbox},
  author={G. Gigerenzer and Reinhard Selten},
  journal={International Journal of Psychology},
  • G. Gigerenzer, Reinhard Selten
  • Published 2000
  • Sociology
  • International Journal of Psychology
  • In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term… CONTINUE READING
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