Bounded knowledge

Authored by: Cristina Bicchieri , Giacomo Sillari

Routledge Handbook of Bounded Rationality

Print publication date:  October  2020
Online publication date:  October  2020

Print ISBN: 9781138999381
eBook ISBN: 9781315658353
Adobe ISBN:


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Boundedly rational agents are limited in their computational, processing, and storage abilities. This chapter focuses on epistemic bounds, that is limits to agents’ knowledge. Not all knowledge that a boundedly rational agent possesses is explicitly stored in memory, nor does the agent needs full epistemic capacities in order to do her part in interactive situations. Indeed, there is a gulf between knowledge that is available to an agent and knowledge that is accessed by an agent. This chapter will discuss logical models of awareness that precisely draw the distinction between unbounded (implicit) and bounded (explicit) knowledge through a formalized notion of accessibility. It will further discuss bounded knowledge in strategic interaction and highlight the relevance of accessibility in the context of Bicchieri's theory of social norms.

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