Two Faces of Search: Alternative Generation and Alternative Evaluation

  title={Two Faces of Search: Alternative Generation and Alternative Evaluation},
  author={Thorbj\orn Knudsen and Daniel A. Levinthal},
  journal={Organization Science},
At its core, a behavioral theory of choice has two fundamental attributes that distinguish it from traditional economic models of decision-making. One attribute is that choice sets are not available ex-ante to actors but must be constructed. This notion is well established in our models of learning and adaptation. The second fundamental postulate is that the evaluation of alternatives is likely to be imperfect. Despite the enshrinement of the notion of bounded rationality in the organizations… CONTINUE READING
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