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The Resource Bounded rationality and behavioural economics, Graham Mallard

Bounded rationality and behavioural economics, Graham Mallard

Label
Bounded rationality and behavioural economics
Title
Bounded rationality and behavioural economics
Statement of responsibility
Graham Mallard
Creator
Author
Subject
Language
eng
Summary
Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision-making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.--
Assigning source
Provided by publisher
Cataloging source
DLC
http://library.link/vocab/creatorDate
1982-
http://library.link/vocab/creatorName
Mallard, Graham
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Economics
  • Rational expectations (Economic theory)
Label
Bounded rationality and behavioural economics, Graham Mallard
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Contents
1. Behavioural economics and bounded rationality -- 2. Recent developments in the behavioural economics literature: a survey -- 3. Recent developments in the bounded rationality literature: a survey -- 4. Audiences and impact -- 5. Commonality and differentiation: examined and evaluated -- 6. Towards an abstract behavioural framework -- 7. Concluding thoughts
Control code
FIEb17721416
Dimensions
24 cm.
Extent
132 pages
Isbn
9781138790209
Media category
unmediated
Media MARC source
rdamedia.
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)1013324531
Label
Bounded rationality and behavioural economics, Graham Mallard
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier category code
nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Contents
1. Behavioural economics and bounded rationality -- 2. Recent developments in the behavioural economics literature: a survey -- 3. Recent developments in the bounded rationality literature: a survey -- 4. Audiences and impact -- 5. Commonality and differentiation: examined and evaluated -- 6. Towards an abstract behavioural framework -- 7. Concluding thoughts
Control code
FIEb17721416
Dimensions
24 cm.
Extent
132 pages
Isbn
9781138790209
Media category
unmediated
Media MARC source
rdamedia.
Media type code
n
Other physical details
illustrations
System control number
(OCoLC)1013324531

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