Bounded rationality in the digital age

Earl, Peter E. (2016). Bounded rationality in the digital age. In Roger Frantz and Leslie Marsh (Ed.), Minds, models and milieux : commemorating the centennial of the birth of Herbert Simon (pp. 253-271) New York, United States: Palgrave. doi:10.1057/9781137442505_15


Author Earl, Peter E.
Title of chapter Bounded rationality in the digital age
Title of book Minds, models and milieux : commemorating the centennial of the birth of Herbert Simon
Place of Publication New York, United States
Publisher Palgrave
Publication Year 2016
Sub-type Research book chapter (original research)
DOI 10.1057/9781137442505_15
Open Access Status Not yet assessed
Series Archival Insights into the Evolution of Economics
ISBN 9781137442499
9781137442505
9781349566808
Editor Roger Frantz
Leslie Marsh
Chapter number 15
Start page 253
End page 271
Total pages 19
Total chapters 16
Collection year 2017
Language eng
Formatted Abstract/Summary
One of the great tragedies in economics in the decades since Simon received the 1978 Alfred Nobel Memorial Prize in Economic Sciences is that the uptake of his ideas within the discipline has been either poor or in a partial manner that does not properly capture his vision (as with mainstream models purporting to address bounded rationality). In this chapter I begin by trying to make sense of this situation and then argue that the digital revolution is making it more imperative than ever that economists take up Simon’s key ideas — not merely his satisncing view of choice in the face of bounded rationality but also his thinking on artificial intelligence and the evolutionary roles of altruism and system design. The modern economy is undergoing supply side upheavals at the heart of which lie the issues of programmability and modularity. On the demand side, buyers now have to contend with choice problems of extraordinary complexity, whose solutions increasingly rely on social inputs.
Q-Index Code B1
Q-Index Status Provisional Code
Institutional Status Non-UQ

Document type: Book Chapter
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Created: Wed, 15 Mar 2017, 11:44:24 EST by Peter E. Earl on behalf of School of Economics