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Bounded rationality and behavioural economics

Author: Graham Mallard
Publisher: London : Routledge, 2016. ©2016
Series: Routledge advances in behavioural economics and finance.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Mallard, Graham, 1982-
Bounded rationality and behavioural economics.
Abingdon, Oxon ; New York, NY : Routledge, 2016
(DLC) 2015009809
(OCoLC)905801766
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Graham Mallard
ISBN: 9781317653851 1317653858 9781315764290 1315764296
OCLC Number: 918941245
Description: 1 online resource.
Contents: Behavioural economics and bounded rationality --
Recent developments in the behavioural economics literature: a survey --
Recent developments in the bounded rationality literature: a survey --
Audiences and impact --
Commonality and differentiation: examined and evaluated --
Towards an abstract behavioural framework --
Concluding thoughts.
Series Title: Routledge advances in behavioural economics and finance.
Responsibility: Graham Mallard.

Abstract:

Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision-making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.--

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