Bounded Rationality and Politics (Wildavsky Forum Series) (Volume 6)

ISBN: 0520259475

Author: Bendor, Jonathan

Condition: New

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