Computational intelligence determines effective rationality

  title={Computational intelligence determines effective rationality},
  author={E. Tsang},
  journal={International Journal of Automation and Computing},
  • E. Tsang
  • Published 2008
  • Computer Science
  • International Journal of Automation and Computing
  • Rationality is a fundamental concept in economics. Most researchers will accept that human beings are not fully rational. Herbert Simon suggested that we are “bounded rational”. However, it is very difficult to quantify “bounded rationality”, and therefore it is difficult to pinpoint its impact to all those economic theories that depend on the assumption of full rationality. Ariel Rubinstein proposed to model bounded rationality by explicitly specifying the decision makers’ decision-making… CONTINUE READING
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