In "Bounded Rationality and Politics", Jonathan Bendor considers two schools of behavioral economics - the first guided by Tversky and Kahneman's work on heuristics and biases, which focuses on the mistakes people make in judgment and choice; the second as described by Gerd Gigerenzer's program on fast and frugal heuristics, which emphasizes the effectiveness of simple rules of thumb. Finding each of these radically incomplete, Bendor's illuminating analysis proposes Herbert Simon's pathbreaking work on bounded rationality as a way to reconcile the inconsistencies between the two camps. Bendor shows that Simon's theory turns on the interplay between the cognitive constraints of decision makers and the complexity of their tasks.

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Bibliographic Details

Title: Bounded Rationality and Politics
Publisher: University of California Press, US
Publication Date: 2010
Language: English
ISBN 10: 0520259475
ISBN 13: 9780520259478
Binding: Paperback
Condition: New
Weight: 363 grams

About this title

Synopsis

In Bounded Rationality and Politics, Jonathan Bendor considers two schools of behavioral economics―the first guided by Tversky and Kahneman’s work on heuristics and biases, which focuses on the mistakes people make in judgment and choice; the second as described by Gerd Gigerenzer’s program on fast and frugal heuristics, which emphasizes the effectiveness of simple rules of thumb. Finding each of these radically incomplete, Bendor’s illuminating analysis proposes Herbert Simon’s pathbreaking work on bounded rationality as a way to reconcile the inconsistencies between the two camps. Bendor shows that Simon’s theory turns on the interplay between the cognitive constraints of decision makers and the complexity of their tasks.

About the Author

Jonathan Bendor is Walter and Elise Haas Professor of Political Economics at the Graduate School of Business, Stanford University.

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