Bounded Rationality and Economic Evolution: A Contribution to Decision Making, Economics, and Management

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Edward Elgar Pub., 1996 - Business & Economics - 336 pages
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The scope is large and the treatment is thoughtful. . . . for anyone who wishes to teach a seminar on economic behaviour this book provides an excellent bridge between the old economics and some of the newer developments. M. Shubik, Journal of Economics This seminal work advances beyond neoclassical economics to provide an integrated overview of economic decision making, and the management of bounded rationality and its evolutionary consequences. Clem Tisdell successfully combines recent developments in learning and game theory, transaction costs and evolutionary economics to provide new insights into economic and managerial phenomena. The results are applied to different levels of decision-making, including decisions by individuals, taking into account learning possibilities, decisions by groups and economic organizations including optimal communication within organizations. Bounded Rationality and Economic Evolution will be of particular use to economists, academics in management, business administration and public administration, and social scientists interested in group behaviour.

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Concepts of Rationality as Foundations of Economic
Further Views on the Role and Concept of Rationality

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