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Bounded Rationality

In: INCLUSIVE ECONOMIC THEORY

Author

Listed:
  • Steven Rosefielde
  • Ralph W. Pfouts

Abstract

The Philosophes, forefathers of today's rational economic theorists, never claimed that human reason was divine or unbounded, contending only that normally distributed rational powers were sufficient to assure that every utility-seeker could realize his or her self-perceived potential. This “warts and all” individualist standard is sensible and informs most modern discussions of complete optimization…

Suggested Citation

  • Steven Rosefielde & Ralph W. Pfouts, 2014. "Bounded Rationality," World Scientific Book Chapters, in: INCLUSIVE ECONOMIC THEORY, chapter 4, pages 33-36, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814566650_0004
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