Foundations of Boundedly Rational Choice and Satis…cing Decisions: Reviving a Simon Tradition

Abstract

Formally, the orthodox rational agent’s ‘Olympian’choices ([13], p.19) are to be made in a static framework. However, a formalization of consistent choice, underpinned by computability, suggests satis…cing 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. JEL Classi…cations: C63, C65, C69, D03 Key words: Bounded Rationality, Decision Problems, Satis…cing, Computability

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