Abstract

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).