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A Behavioral Model of Rational Choice

in Papers Messing With My Brain by Malik Torres

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A Behavioral Model of Rational Choice on “Papers Messing With My Brain”, a list by Malik Torres on TheLysts.

Details

Photo
—
Name
—
Authors
Herbert A. Simon
Year
1955
Field
Decision theory / behavioral
One big idea
Instead of optimizing everything, real humans “satisfice”—we grab something good enough under time and brain-power limits.
My take
Whenever a model assumes perfectly rational agents, I mentally yell BOUNDED RATIONALITY and think of this paper.

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