In Bounded Rationality and Politics, Jonathan Bendor considers two schools of behavioral economics--the first guided by Tversky and Kahneman's work on heuristics and biases, which focuses on the mistakes people make in judgment and choice; the second as described by Gerd Gigerenzer's program on fast and frugal heuristics, which emphasizes the effectiveness of simple rules of thumb. Finding each of these radically incomplete, Bendor's illuminating analysis proposes Herbert Simon's pathbreaking work on bounded rationality as a way to reconcile the inconsistencies between the two camps. Bendor sho.
Herbert A. Simon : political scientist / by Jonathan Bendor -- Satisficing : a pretty good heuristic / by Jonathan Bendor, Sunil Kumar, and David A.Siegel -- A model of muddling through / by Jonathan Bendor -- A perfect is the enemy of the best : Adaptive versus optimal organizational reliability / by Jonathan Bendor and Sunil Kumar -- Garbage can theory / by Jonathan Bendor, Terry Mol, and Ken Shotts -- Institutions and individuals / by Jonathan Bendor
Behavioural economics and bounded rationality -- Recent developments in the behavioural economics literature: a survey -- Recent developments in the bounded rationality literature: a survey -- Audiences and impact -- Commonality and differentiation: examined and evaluated -- Towards an abstract behavioural framework -- Concluding thoughts
ARTICLE OPERATIONALIZES TWO BOUNDED RATIONALITY THEORIES OF FEDERAL BUDGETARY DECISIONMAKING AND TESTS THEM WITHIN A STOCHASTIC PROCESS FRAMEWORK. EMPIRICAL ANALYSES OF EISENHOWER, KENNEDY AND JOHNSON DOMESTIC BUDGET DATA, COMPILED FROM OMB PLANNING DOCUMENTS, SUPPORT THE THEORY OF SERIAL JUDGEMENT OVER THE THEORY OF INCREMENTALISM. METHODOLOGICAL LIMITATIONS OF THE THEORIES ARE ALSO DISCUSSED.
Rethinking rationality / Gerd Gigerenzer and Reinhard Selten -- What is bounded rationality? / Reinhard Selten -- The adaptive toolbox / Gerd Gigerenzer -- Fast and frugal heuristics for environmentally bounded minds / Peter M. Todd -- Evolutionary adaptation and the economic concept of bounded rationality--a dialogue / Peter Hammerstein -- Group report : Is there evidence for an adaptive toolbox? / Abdolkarim Sadrieh ... [et al.] -- The fiction of optimization / Gary Klein -- Preferential choice and adaptive strategy use / John W. Payne and James R. Bettman -- Comparing fast and frugal heuristics and optimal models / Laura Martignon -- Group report : Why and when do simple heuristics work? / Daniel G. Goldstein ... [et al.] -- Emotions and cost-benefit assessment : the role of shame and self-esteem in risk taking / Daniel M.T. Fessler -- Simple reinforcement learning models and reciprocation in the prisoner's dilemma game / Ido Erev and Alvin E. Roth -- Imitation, social learning, and preparedness as mechanisms of bounded rationality / Kevin N. Laland -- Decision making in superorganisms : how collective wisdom arises from the poorly informed masses / Thomas D. Seeley --Group report : Effects of emotions and social processes on bounded rationality / Barbara A. Mellers ... [et al.] -- Norms and bounded rationality / Robert Boyd and Peter J. Richerson -- Prominence theory as a tool to model boundedly rational decisions / Wulf Albers -- Goodwill accounting and the process of exchange / Kevin A. McCabe and Vernon L. Smith -- Group report : What is the role of culture in bounded rationality? / Joseph Henrich ... [et al.]