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Models of Environment

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Minds, Models and Milieux

Part of the book series: Archival Insights into the Evolution of Economics ((AIEE))

Abstract

Herbert A. Simon is well known for his account of bounded rationality. Whereas classical economics idealized economic agency and framed rational choice in terms of the decision theory, Simon insisted that agents need not be optimal in their choices. They might be mere satispcers, i.e., attain good enough goals rather than optimal ones. At the same time, behaviorally as well as computationally, bounded rationality is much more realistic.

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Authors
  1. Marcin Miłkowski
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Editor information

Editors and Affiliations

  1. San Diego State University, USA

    Roger Frantz (Professor of Economics) (Professor of Economics)

  2. The University of British Columbia, Canada

    Leslie Marsh (Senior Research Associate) (Senior Research Associate)

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© 2016 Marcin Miłkowski

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Miłkowski, M. (2016). Models of Environment. In: Frantz, R., Marsh, L. (eds) Minds, Models and Milieux. Archival Insights into the Evolution of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/9781137442505_13

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