Bounded rationality in social science: Today and tomorrow [Book Review]

Mind and Society 1 (1):25-39 (2000)
Abstract
With the discovery of voluminous discordant empirical evidence, maximizing expected utility is rapidly disappearing as the core of the theory of human rationality, and a theory of bounded rationality, embracing both the processes and products of choice, is replacing it. There remains a large task of organizing our picture of economic and social processes and adding the new facts needed to shape the theory in an empirically sound way. It is also urgent that new tools now available for conducting empirical inquiry and constructing models be incorporated in social science graduate education
Keywords rationality  economic  rationality  psychological  rationality  bounded  rationality under uncertainty  utility theory  decision theory  scientific discovery  game theory
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