Herbert Simon’s Behavioral Economics

Authored by: Esther-Mirjam Sent

Routledge Handbook of Behavioral Economics

Print publication date:  July  2016
Online publication date:  August  2016

Print ISBN: 9781138821149
eBook ISBN: 9781315743479
Adobe ISBN: 9781317589242


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Behavioral economics and its focus on the interrelations between economics and psychology are attracting increasing attention and recognition (Heukelom, 2014; Sent, 2004b). Bounded rationality has made its way into the work of, for example, rational expectations economists such as Thomas Sargent and game theorists such as Robert Aumann (Sent, 1997; 2004b). Yet, in 1992 Herbert Simon noted that “[r]eaders would not be deceived by the claim that economists flocked to the banner of satisficing man with his bounded rationality. The ‘flocking’ was for a long time a trickle that is now swelling into a respectable stream” (Simon, 1992b: 266).

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