Satisficing and cognition: complementarities between Simon and Hayek

Earl, Peter E. (2013). Satisficing and cognition: complementarities between Simon and Hayek. In Roger Frantz and Robert Leeson (Ed.), Hayek and Behavioral Economics (pp. 278-300) Basingstoke, Hampshire, United Kingdom: Palgrave Macmillan. doi:10.1057/9781137278159

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Author Earl, Peter E.
Title of chapter Satisficing and cognition: complementarities between Simon and Hayek
Title of book Hayek and Behavioral Economics
Place of Publication Basingstoke, Hampshire, United Kingdom
Publisher Palgrave Macmillan
Publication Year 2013
Sub-type Critical review of research, literature review, critical commentary
DOI 10.1057/9781137278159
Open Access Status
Series Archival Insights into the Evolution of Economics
ISBN 9781137278159
Editor Roger Frantz
Robert Leeson
Chapter number 12
Start page 278
End page 300
Total pages 23
Total chapters 14
Collection year 2014
Language eng
Formatted Abstract/Summary
In this chapter I argue that the process of cognition that Hayek proposes complements Simon’s satisficing view of choice. My contention is that, by bringing Hayek and Simon together, we have a way of making sense of all the different kinds of choices that may be made in the process of taking a decision. Whereas the notion of satisficing is normally seen as a way of understanding how much information is gathered and what brings a decision to its conclusion, the argument here is that it also applies to the way that information is processed to form cognitions.
Keyword Task complexity
Q-Index Code B1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Book Chapter
Collections: Official 2014 Collection
School of Economics Publications
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Created: Sun, 23 Jun 2013, 00:03:48 EST by System User on behalf of School of Economics