Bounding rationality to the world

@inproceedings{Todd2003BoundingRT,
  title={Bounding rationality to the world},
  author={Peter M. Todd and Gerd Gigerenzer},
  year={2003}
}
Simon proposed that human rationality is bounded by both internal (mental) and external (environmental) constraints. Traditionally, these constraints have been seen as independent, leading to a notion of bounded rationality that is either the attempt to do as well as possible given the demands of the world – the notion of optimization under constraints – or as the suboptimal outcome of the limited cognitive system – the realm of cognitive illusions. But there is a third possibility, following… CONTINUE READING

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