A Behavioral Model of Rational Choice (Simon) on “Stuff I Keep Rereading”, a list by Malik Torres on TheLysts.
Details
Photo
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Name
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Field
Decision theory
Core idea
Introduces bounded rationality and satisficing instead of full-on optimization.
Year
1955
How dense
Medium – older language but not super mathy.
My take
Basically the OG “no one actually solves these utility maximization problems” rant, except formal and smart. Makes every toy model we do feel a bit sus.
TheLysts
