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Consumer Optimization Problem Solving

Author

Listed:
  • Alfred L Norman

    (The University of Texas at Austin, USA)

Abstract

What algorithms are tractable depends on the speed of the processor. Given the speed of digital computers, polynomial algorithms are considered tractable. But, a human can take several seconds to make one binary comparison between two pens. Given this slow speed, sublinear algorithms are considered tractable for an unaided human and this defines Simon's concept of bounded rationality.

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Suggested Citation

  • Alfred L Norman, 2015. "Consumer Optimization Problem Solving," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 9393, December.
    • Handle: RePEc:wsi:wsbook:9393
    as

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    File URL: https://www.worldscientific.com/worldscibooks/10.1142/9393
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