Complexity and behavioral economics.

  title={Complexity and behavioral economics.},
  author={J. Barkley Rosser and Marina Vchershnaya Rosser},
  journal={Nonlinear dynamics, psychology, and life sciences},
  volume={19 2},
  • J. RosserM. Rosser
  • Published 1 April 2015
  • Economics
  • Nonlinear dynamics, psychology, and life sciences
This paper will consider the relationship between complexity economics and behavioral economics. A crucial key to this is to understand that Herbert Simon was both the founder of explicitly modern behavioral economics as well as one of the early developers of complexity theory. Bounded rationality was essentially derived from Simon's view of the impossibility of full rationality on the part of economic agents. Modern complexity theory through such approaches as agent-based modeling offers an… 

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