Herbert A. Simon
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Physicist from London with special interest in Quantum Mechanics
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Interdisciplinary Studies
Herbert A. Simon
Herbert A. Simon reshaped decision-making theories across multiple disciplines with bounded rationality
20 Jan 2026
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How does Herbert A. Simon's concept of bounded rationality differ from traditional economic assumptions about decision-making?
It assumes individuals always have complete information and make perfectly rational decisions to maximize utility.
It claims that decisions are made randomly without any rational process or consideration of outcomes.
It suggests that individuals make decisions based on limited information and cognitive constraints, seeking satisfactory rather than optimal solutions.
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