Foundations of Boundedly Rational Choice and Satisficing Decisions
Author
Source
Issue
Vol. 2010, Issue 2010 (31 Dec. 2010), pp.1-16, 16 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2010-07-12
Country of Publication
Egypt
No. of Pages
16
Main Subjects
Economics & Business Administration
Business Administration
Abstract EN
Formally, the orthodox rational agent's “Olympian” choices, as Simon has called orthodox rational choice, are made in a static framework.
However, a formalization of consistent choice, underpinned by computability, suggests by, satisficing in a boundedly rational framework is not only more general than the model of “Olympian” rationality, it is also consistently dynamic.
This kind of naturally process-oriented approach to the formalization of consistent choice can be interpreted and encapsulated within the framework of decision problems—in the formal sense of metamathematics and mathematical logic—which, in turn, is the natural way of formalizing the notion of Human Problem Solving in the Newell-Simon sense.
American Psychological Association (APA)
Velupillai, K. Vela. 2010. Foundations of Boundedly Rational Choice and Satisficing Decisions. Advances in Decision Sciences،Vol. 2010, no. 2010, pp.1-16.
https://search.emarefa.net/detail/BIM-498977
Modern Language Association (MLA)
Velupillai, K. Vela. Foundations of Boundedly Rational Choice and Satisficing Decisions. Advances in Decision Sciences No. 2010 (2010), pp.1-16.
https://search.emarefa.net/detail/BIM-498977
American Medical Association (AMA)
Velupillai, K. Vela. Foundations of Boundedly Rational Choice and Satisficing Decisions. Advances in Decision Sciences. 2010. Vol. 2010, no. 2010, pp.1-16.
https://search.emarefa.net/detail/BIM-498977
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-498977