This is an excerpt from the contentThis chapter is based on welcoming remarks that I presented at the First International Conference of the Herbert Simon Society, “Bounded Rationality Updated,” in New York City, April 2013.This conference is a venue for you to share your research relating to and drawing upon the work that my father, Herbert Simon, studied, researched, and wrote about throughout his lifetime. I know he would have loved to hear your take on the topic selected for this (...) conference and to debate with you the pros and cons of bounded rationality. He would be pleased that his life’s work still makes a difference, and that it continues to stimulate controversy and debate years after he initially presented it.At the same time, Herbert was modest about the impact his work had on others and on the many disciplines that it influenced and inspired. A few days before he died, I asked him what studies he wished he could continue if he had the chance. He said that he was content to have accomplished what he did, and th. (shrink)