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By Roger Frantz, Robert Leeson (eds.)

ISBN-10: 1137278153

ISBN-13: 9781137278159

ISBN-10: 1349336831

ISBN-13: 9781349336838

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Rationality in Economics. Cambridge: Cambridge University Press. Smith, Vernon (2011). “Exchange, Specialization, and Property as a Discovery Process,” History of Political Economy 43:2: 317–337. Steele, G. R. (2003). ” Theory and Psychology, vol 12: 387– 409. Tolstoy, Leon (1982). War and Peace. New York: Penguin Books. Uchitelle, Louis (2001). ” New York Times, Feb 11, 2001. 34 Roger Frantz Winter, Sidney (1964). ” Yale Economic Papers, vol 4: 225–272. Winter, Sidney (1986). “The Research Program of the Behavioral Theory of the Firm: Orthodox Critique and Evolutionary Perspective,” in Handbook of Behavioral Economics, B.

426). Given our cognitive limits Simon says that problem solving is as if a “search through a vast maze of possibilities, a maze that describes the environment” (Simon, 1996, p. 66). Rationality is bounded or limited by the vast maze of possibilities we face relative to our cognitive abilities. 16 Roger Frantz The maze makes the procedures we use in decision making different from equating benefits and costs at the margin. 7 Simon illustrates the maze of possibilities notion with an example of an ant travelling along a beach.

Vol 36, no. 4: 735–758. Simon, Herbert (1955). “A Behavioral Model of Rational Choice”. Quarterly Journal of Economics, vol. 69, No. 1: 99–118. Simon, Herbert (1965). Administrative Behavior. New York: Free Press. Simon, Herbert (1979). ” American Economic Review. Vol. 69, No. 4: 493–513. Simon, Herbert (1982a). ” In H. ), Models of Bounded Rationality: Behavioral Economics and Business Organization. (Vol. 2, pp. 408–423). Cambridge, MA: MIT Press. Simon, Herbert (1982b). ” In H. ), Models of Bounded Rationality: Behavioral Economics and Business Organization (Vol.

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Hayek and Behavioral Economics by Roger Frantz, Robert Leeson (eds.)


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