Download or read book Economics Bounded Rationality and the Cognitive Revolution written by The late Herbert A. Simon and published by Edward Elgar Publishing. This book was released on with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to publish the ideas of the late Herbert Simon and sympathetic economists, on the subject of bounded rationality, economics, cognitive science and related disciplines, and to reprint some of Professor Simon's classic papers which have appeared in journals not widely read by economists. Not only on account of his Nobel Prize in Economics, but also because of the widespread applications of his ideas and theories, it is especially valuable to readers to have a book of this kind at the present time. Currently in this whole field, there is increasing emphasis on computer-related theory building. Herbert Simon, beginning from the time when microcomputers did not exist, was a pioneer of this approach. The book begins with an edited transcript of a colloquium, held between Herbert Simon and a group of Italian economists in Italy in 1988. It continues with the reprinted Simon papers and papers by three scholars, Raymond Boudon, Massimo Egidi and Riccardo Viale coming from different disciplines but holding a common interest in bounded rationality and ends with a response by a sympathetic economist, Robin Marris.
Download or read book Economics Bounded Rationality and the Cognitive Revolution written by Herbert Alexander Simon and published by Edward Elgar Publishing. This book was released on 2008 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to publish the ideas of the late Herbert Simon and sympathetic economists, on the subject of bounded rationality, economics, cognitive science and related disciplines, and to reprint some of Professor Simon's classic papers which have appeared in journals not widely read by economists.
Download or read book Models of Bounded Rationality written by Univ Of Chicago and published by Mit Press. This book was released on 1997-07 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering alternative models based on such concepts as satisficing(acceptance of viable choices that may not be the undiscoverableoptimum) and bounded rationality (the limited extent to which rationalcalculation can direct human behavior), Simon shows concretely whymore empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, isneeded.
Download or read book Methodological Cognitivism written by Riccardo Viale and published by Springer. This book was released on 2014-06-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the cognitive foundation of the theory of social action. The social sciences are still guided by models of social action, far from the empirical reality of the psychology of action. While economics seems to have made greater progress in accepting the changes to the theory of action derived from cognitive science (see, for example, the 2002 Nobel prize for economics awarded to Daniel Kahneman), sociology is still being oriented on the dualism of hermeneutics vs. structuralism, which leaves very little room for a cognitive theory of social action. The unique features of the book are its combination of epistemology, philosophy of mind and cognitive science in order to renew and overcome the limits of the current methodologies of social science and in particular methodological individualism. Methodological cognitivism is proposed as an alternative to the holistic character of structuralism, to the intentionalist and rationalist features of methodological individualism, and to the relativistic character of hermeneutics and ethnomethodology.
Download or read book Methodological Cognitivism written by Riccardo Viale and published by Springer Science & Business Media. This book was released on 2014-01-09 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers a broad spectrum of topics, from experimental philosophy and cognitive theory of science, to social epistemology and research and innovation policy. Following up on the previously published Volume 1, “Mind, Rationality, and Society,” it provides further applications of methodological cognitivism in areas such as scientific discovery, technology transfer and innovation policy. It also analyzes the impact of cognitive science on philosophical problems like causality and truth. The book is divided into four parts: Part I “Experimental Philosophy and Causality” tackles the problem of causality, which is often seen as straddling metaphysics, ontology and epistemology. Part II “Cognitive Rationality of Science” deals with the cognitive foundation of scientific rationality, starting from a strong critique of the neopositivist rationality of science on the one hand and of the relativist and social reduction of the methodology of science on the other. Part III “Research Policy and Social Epistemology” deals with topics of social epistemology, science policy and culture of innovation. Lastly, Part IV “Knowledge Transfer and Innovation” addresses the dynamics of knowledge generation, transfer and use in technological innovation.
Download or read book Bounded Rationality written by Gerd Gigerenzer and published by MIT Press. This book was released on 2002-07-26 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Simply Rational written by Gerd Gigerenzer and published by Oxford University Press. This book was released on 2015-03-03 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical research on risks and decision making across the fields of medicine, psychology, and economics. Collectively, the essays demonstrate why the frame in which statistics are communicated is essential for broader understanding and sound decision making, and that understanding risks and uncertainty has wide-reaching implications for daily life. Gerd Gigerenzer provides a lucid review and catalog of concrete instances of heuristics, or rules of thumb, that people and animals rely on to make decisions under uncertainty, explaining why these are very often more rational than probability models. After a critical look at behavioral theories that do not model actual psychological processes, the book concludes with a call for a "heuristic revolution" that will enable us to understand the ecological rationality of both statistics and heuristics, and bring a dose of sanity to the study of rationality.
Download or read book Adaptive Thinking written by Gerd Gigerenzer and published by Oxford University Press. This book was released on 2002-03-07 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do new ideas come from? What is social intelligence? Why do social scientists perform mindless statistical rituals? This vital book is about rethinking rationality as adaptive thinking: to understand how minds cope with their environments, both ecological and social.Gerd Gigerenzer proposes and illustrates a bold new research program that investigates the psychology of rationality, introducing the concepts of ecological, bounded, and social rationality. His path-breaking collection takes research on thinking, social intelligence, creativity, and decision-making out of an ethereal world where the laws of logic and probability reign, and places it into our real world of human behavior and interaction. Adaptive Thinking is accessibly written for general readers with an interest in psychology, cognitive science, economics, sociology, philosophy, artificial intelligence, and animal behavior. It also teaches a practical audience, such as physicians, AIDS counselors, and experts in criminal law, how to understand and communicate uncertainties and risks.
Download or read book The Mystery of Rationality written by Gérald Bronner and published by Springer. This book was released on 2018-07-12 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contributes to the developing dialogue between cognitive science and social sciences. It focuses on a central issue in both fields, i.e. the nature and the limitations of the rationality of beliefs and action. The development of cognitive science is one of the most important and fascinating intellectual advances of recent decades, and social scientists are paying increasing attention to the findings of this new branch of science that forces us to consider many classical issues related to epistemology and philosophy of action in a new light. Analysis of the concept of rationality is a leitmotiv in the history of the social sciences and has involved endless disputes. Since it is difficult to give a precise definition of this concept, and there is a lack of agreement about its meaning, it is possible to say that there is a ‘mystery of rationality’. What is it to be rational? Is rationality merely instrumental or does it also involve the endorsement of values, i.e. the choice of goals? Should we consider rationality to be a normative principle or a descriptive one? Can rationality be only Cartesian or can it also be argumentative? Is rationality a conscious skill or a partly tacit one? This book, which has been written by an outstanding collection of authors, including both philosophers and social scientists, tries to make a useful contribution to the debates on these problems and shed some light on the mystery of rationality. The target audience primarily comprises researchers and experts in the field.
Download or read book Bounded Rationality and Behavioural Economics written by Graham Mallard and published by Routledge. This book was released on 2015-08-14 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Nudging written by Riccardo Viale and published by MIT Press. This book was released on 2022-10-04 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: How “nudges” by government can empower citizens without manipulating their preferences or exploiting their biases. We’re all familiar with the idea of “nudging”—using behavioral mechanisms to encourage people to make certain choices—popularized by Richard Thaler and Cass Sunstein in their bestselling 2008 book Nudge. This approach, also known as “libertarian paternalism,” goes beyond typical programs that simply provide information and incentives; nudges can range from automatic enrollment in a pension plan to flu-shot scheduling. In Nudging, Riccardo Viale explores the evolution of nudging and proposes new approaches that would empower citizens without manipulating them paternalistically. He shows that we can use the tools of the behavioral sciences without abandoning the principle of conscious decision-making. Viale discusses the work of Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Amos Tversky that laid the foundation of behavioral economics, describes how policy makers have sought to help people avoid bad decisions, offers examples of effective nudging, and considers how to nudge the nudgers. How can we tell good nudges from bad nudges? Viale explains that good nudges help us avoid bias and encourage deliberate decision making; bad nudges, on the other hand, use bias to nudge people unconsciously into unintentional behaviors. Bad nudges attempt to compel decisions based on economic rationality. Good nudges encourage decisions based on a pragmatic, adaptive, ecological kind of rationality. Policy makers should take note.
Download or read book Economic Thought Since Keynes written by Michel Beaud and published by Routledge. This book was released on 2005-09-27 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Thought Since Keynes provides a concise overview of changing economic thought in the latter part of the twentieth century. Offering a concise biography of 150 influential economists since Keynes, it is an invaluable reference tool.
Download or read book Psychology at the Turn of the Millennium Volume 1 written by Lars Backman and published by Psychology Press. This book was released on 2005-08-18 with total page 617 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a snapshot of the entire field of psychology as presented by leading figures in each discipline
Download or read book Reflexivity in Economics written by Serena Sandri and published by Springer Science & Business Media. This book was released on 2008-11-30 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the individuals are not just stimulus-response machines but more complex beings that think and are simultaneously conscious of their thought, re?exivity is potentially involved in all human acts of cognition and in all conceptualizations. On this basis, each human discourse can be characterized as a way of thought f- mulation and therefore, reveals a self-referring nature. On this level of re?exivity, the individual thought shapes beliefs and mental representations which give life to mental models and strive to predict future events and developments to support the individuals in their decision-making. Such mental models are re?ected by the - dividuals themselves and on the situation they are confronted with. According to the result of this recursive application, the individuals will then decide which model they want to refer to, or in other words, which model they want to absorb. Similarly, the individuals can make use of social theories and predictions which can therefore yield recursive effects and interfere with the phenomena they aim to depict. Revealed theories, if accepted, may in?uence the behaviour or the agents they focus on, either in the sense of validation of the theoretical content or in that of its rejection.
Download or read book Economic Evolution written by Jack J Vromen and published by Routledge. This book was released on 1995-10-19 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? Economic Evolution explores three of the main approaches within the new institutional economics:* the new theory of the firm,* Nelson and Winter's evolutionary economics * game theoretic accoun
Download or read book The Social Sciences and Rationality written by Hudson Meadwell and published by Routledge. This book was released on 2017-10-19 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, rational choice theory has emerged as the single most powerful, controversial claimant to provide a unified, theoretical framework for all the social sciences. In its simplest form, the theory postulates that humans are purposive beings who pursue their goals in a rational, efficient manner, seeking the greatest benefit at the lowest cost. This volume brings together prominent scholars working in several social science disciplines and the philosophy of science to debate the promise and problems of rational choice theory. As rational choice theory has spread from its home base in economics to other disciplines, it has come under fierce criticism. To its critics, the extension of the explanatory model mistakenly assumes that the logic of economic rationality can explain non-economic behavior and, at its worst, commits the ethnocentric error of imposing Western concepts of rationality on non-Western societies and cultures. This volume includes strong advocates as well as forceful critics of the rational choice approach. However, in contrast to previous debates, all the contributors share a commitment to open, constructive and knowledgeable dialogue. Well-known advocates of rational choice theory (Michael Hechter, Michael Smith, Chris Manfredi) explicitly ponder some of its serious limitations, while equally well-known critics (Ian Shapiro, Mario Bunge) strike a surprisingly conciliatory tone in contemplating its legitimate uses. Vociferous critics of neoclassical economics (Bunge) favorably discuss sociological proponents of rational choice theory while two economists who are not particularly anti-mainstream (Robin Rowley, George Grantham) critically assess the problems of such assumptions in their discipline. Philosophers (Storrs McCall) and sociologists (John Hall) alike reflect on the variable meaning of rationality in explaining social behavior. In the introduction and conclusion, the editors survey the current state of the debate and show how open, constructive dialogue enables us to move beyond hackneyed accusations and dismissals that have characterized much previous debate.
Download or read book Risk attitude Economics written by Laura Concina and published by FonCSI. This book was released on 2014-05-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document is an introduction, for non-economists, to standard and behavioral economic theories of risk and uncertainty. It describes some broadly-accepted results in economics that are determinant in decision-making under risk or uncertainty and in situations where we have to deal with losses and gains. To illustrate this point, the document presents a selection of theoretical results, ponctuated with examples taken from everyday life, and research studies in economics and psychology on the perception of risk.
