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Simon’s Bounded Rationality

Alfio Giarlotta,Angelo Petralia

Decisions in Economics and Finance（2024）

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Abstract
This note in the Milestones series is dedicated to the paper “A Behavioral Model of Rational Choice”, written by Herbert Simon and published in 1955 on the Quarterly Journal of Economics.
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Key words
Rationality,Bounded rationality,Choice,Satisficing,Aspiration levels,Updating,Testability,Revealed preference,Stochastic choice,Rationality measure,91B06,91B08,91B16,D01,D91
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