Models of Environment

Abstract

Herbert A. Simon is well known for his account of bounded rationality. Whereas classical economics idealized economic agency and framed rational choice in terms of the decision theory, Simon insisted that agents need not be optimal in their choices. They might be mere satispcers , i.e., attain good enough goals rather than optimal ones. At the same time, behaviorally as well as computationally, bounded rationality is much more realistic. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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