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Bounded Rationality
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Bounded Rationality Paperback - 2002

by Gerd Gigerenzer (Editor); Reinhard Selten (Editor)


From the publisher

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.

Details

  • Title Bounded Rationality
  • Author Gerd Gigerenzer (Editor); Reinhard Selten (Editor)
  • Binding Paperback
  • Edition Reprint
  • Pages 394
  • Volumes 1
  • Language ENG
  • Publisher MIT Press, Cambridge, MA
  • Date 2002-07-26
  • ISBN 9780262571647 / 0262571641
  • Weight 1.17 lbs (0.53 kg)
  • Dimensions 9.04 x 6.12 x 0.77 in (22.96 x 15.54 x 1.96 cm)
  • Ages 18 to UP years
  • Grade levels 13 - UP
  • Library of Congress subjects Decision making, Reasoning
  • Dewey Decimal Code 153.43

About the author

Gerd Gigerenzer is Director at the Max Planck Institute for Human Development, Berlin. He is the author of Calculated Risks, among other books, and the coeditor of Bounded Rationality: The Adaptive Toolbox and Heuristics and the Law, both published by the MIT Press. The late Reinhard Selten was Professor at the University of Bonn and was a co-winner of the 1994 Nobel Prize in Economics.
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Bounded Rationality: The Adaptive Toolbox

Bounded Rationality: The Adaptive Toolbox

by Gigerenzer, G. (Ed.); Selten, R. (Ed.)

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Cambridge: The MIT Press, 2002. Paperback. Very good. Paperback. 9" X 6". xv, 377pp. Very mild shelf wear to covers, corners, and edges of paper wraps. Pages are clean and unmarked. Binding is sound. ABOUT THIS BOOK: 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… Read More
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Bounded Rationality: The Adaptive Toolbox

Bounded Rationality: The Adaptive Toolbox

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Bounded Rationality The Adaptive Toolbox

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Bounded Rationality: The Adaptive Toolbox
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Bounded Rationality: The Adaptive Toolbox

by Gerd Gigerenzer (Editor), Reinhard Selten (Editor)

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by Gigerenzer, Gerd [Editor]; Selten, Reinhard [Editor];

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Bounded Rationality: The Adaptive Toolbox

by Gigerenzer, Gerd [Editor]; Selten, Reinhard [Editor];

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