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Herbert A. Simon and the concept of rationality: Boundaries and procedures

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  • Gustavo Barros

Abstract

This paper discusses Herbert A. Simon’s conception of rationality in two of its principal general definitions: bounded rationality and procedural rationality. It argues that the latter is the one that better synthesizes the author’s view about rational behavior and that the former fills mainly a critical function. They are complementarily used by Simon in this sense. In spite of that, it is argued that it is the low degree of specificity of the concept of bounded rationality one of the reasons for its relatively greater success. JEL Classification: D01; B31; B52.

Suggested Citation

  • Gustavo Barros, 2010. "Herbert A. Simon and the concept of rationality: Boundaries and procedures," Brazilian Journal of Political Economy, Center of Political Economy, vol. 30(3), pages 455-472.
    • Handle: RePEc:ekm:repojs:v:30:y:2010:i:3:p:455-472:id:453
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    Cited by:

    1. Ritika & Nawal Kishor, 2020. "Development and validation of behavioral biases scale: a SEM approach," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 14(2), pages 237-259, November.
    2. Daniele Schilirò, 2018. "Economic Decisions and Simon’s Notion of Bounded Rationality," International Business Research, Canadian Center of Science and Education, vol. 11(7), pages 64-75, July.
    3. Dey, Anamika & Gupta, Anil K. & Singh, Gurdeep, 2019. "Innovation, investment and enterprise: Climate resilient entrepreneurial pathways for overcoming poverty," Agricultural Systems, Elsevier, vol. 172(C), pages 83-90.
    4. Julie Ricard, 2022. "Accroissement de la complexité des décisions dans un contexte de prolifération des règles," Post-Print hal-03633895, HAL.
    5. Dewey Wollmann & Maria Teresinha Arns Steiner, 2017. "The Strategic Decision-Making as a Complex Adaptive System: A Conceptual Scientific Model," Complexity, Hindawi, vol. 2017, pages 1-13, January.
    6. Patrick Reinwald & Stephan Leitner & Friederike Wall, 2021. "Limited intelligence and performance-based compensation: An agent-based model of the hidden action problem," Papers 2107.03764, arXiv.org.

    More about this item

    Keywords

    Herbert A. Simon; bounded rationality; procedural rationality;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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