Bounded Rationality by Gerd Gigerenzer Max Planck Institute For Human Development)
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of bounded rationality. Today, bounded rationality has become a fashionable term used for disparate views of reasoning.This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an adaptive toolbox, a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Gerd Gigerenzer is a partner of Simply Rational--The Institute for Choices and the director of the Harding Center for Risk Literacy at the Max Planck Institute for Human Development in Berlin. He is the coeditor of Bounded Rationality: The Adaptive Toolbox and Heuristics and the Law, both published by the MIT Press, and the author of Calculated Risks, among other books.
| SKU | Unavailable |
| ISBN 13 | 9780262571647 |
| ISBN 10 | 0262571641 |
| Title | Bounded Rationality |
| Author | Gerd Gigerenzer Max Planck Institute For Human Development) |
| Series | Bounded Rationality |
| Condition | Unavailable |
| Binding Type | Paperback |
| Publisher | MIT Press Ltd |
| Year published | 2002-07-26 |
| Number of pages | 394 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |