The legacy of Herbert Simon in economic analysis

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The legacy of Herbert Simon in economic analysis

edited by Peter E. Earl

（Intellectual legacies in modern economics, 8）（An Elgar reference collection）

E. Elgar, c2001

  • : set
  • v. 1
  • v. 2

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Includes bibliographical references and indexes

Description and Table of Contents

Description

Herbert A. Simon has been a leading contributor to cognitive psychology, computer science, public administration, philosophy and statistics, and is the winner of the 1978 Nobel Memorial Prize in economics. As this collection demonstrates, his impact on economics has been felt in areas as diverse as the theory of the firm and economic organization, consumer behaviour, law and economics, and environmental economics. Central to his work is the notion of bounded rationality - the mismatch between human decision-making capacities and the scale of the decision problems that people face, which results in satisficing rather than optimizing behaviour - and his belief that economic research should start from the study of actual behaviour rather than being based on convenient but unrealistic assumptions. Peter Earl's choice of articles shows both the kind of economics that emerges when Simon's philosophy is followed comprehensively, and what happens when neo-classical economists partially adopt his ideas.

Table of Contents

  • Volume 1: Part 1 The Nobel laureate: the Nobel Memorial Prize in Economics 1978 - the official announcement of the Royal Academy of Sciences, The Royal Swedish Academy of Sciences
  • on the contributions to Herbert A. Simon to economics, William J. Baumol
  • on the contributions of Herbert A. Simon to economics, Albert Ando
  • rational decision making in business organizations, Herbert A. Simon. Part 2 Bounded rationality (1) - overview: theories of bounded rationality, Herbert A. Simon
  • satisficing, Roy Radner
  • aspiration adaptation theory, Reinhard Selten
  • why bounded rationality - the much too long version, John Conlisk. Part 3 Bounded rationality (2) - in neoclassical economics: Alchian and the "Alchian thesis", Neil. M. Kay
  • information processing and bounded rationality - a survey, Barton L. Lipman
  • rationality and bounded rationality, Robert J. Aumann
  • Sargent versus Simon -bounded rationality unbound, Esther-Mirjam Sent. Part 4 Bounded rationality (3) - behavioural approaches: task complexity and contingent processing in brand choice, Denis A. Lussier and Richard W. Olshavsky
  • reasoning the fast and frugal way - models of bounded rationality, Gerd Gigerenzer and Daniel G. Goldstein
  • the cost of thinking, Steven M. Shugan
  • emotional arousal as a source of bounded rationality, Bruce E. Kaufman
  • modes of economizing behaviour - experimental evidence, Mark Pingle and Richard H. Day
  • entrepreneurial information search, Arnold C. Cooper et al
  • a lack of insight - do venture capitalists really understand their own decision process?, Andrew L. Zacharakis and G. Dale Meyer
  • a failure-inducement model of research and development expenditure, Cristiano Antonelli
  • a chaotic model of innovative search - some answers, many questions, Kenneth W. Koput
  • how learning by doing is done - problem identification in novel process equipment, Eric von Hippel and Marcie J. Tyre
  • seeing isn't believing - understanding diversity in the timing of strategic response, Pamela S. Barr and Anne S. Huff. Part 5 Bounded rationality (4) - sympathetic critics: Herbert Simon's human rationality, Brian J. Loasby
  • the unsatisfactoriness of satisficing - from bounded rationality to innovative rationality, Marina Bianchi
  • the ubiquity of habits and rules, Geoffrey M. Hodgson. Part 6 Decomposability and hierarchy: the architecture of complexity, Herbert A. Simon
  • hierarchy - the economics of managing, Roy Radner
  • modularity, flexibility and knowledge management in product and organization design, Ron Sanchez and Joseph T. Mahoney. Volume 2: Part 1 Competition and market processes: toward a general theory of competitive rationality, Peter Reid Dickson
  • forces generating and limiting concentration under Schumpterian competition, Richard R. Nelson and Sidney G. Winter
  • the output decision of the firm - a behavioural algorithm, Timothy M. Wakeley
  • spatial competition and bounded rationality -retailing at the edge of chaos, Robert E. Krider and Charles B. Weinberg
  • markets as evolving compu

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