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Knowledge‐based Views of the Firm

Nicolai J. Foss

in Strategy, Economic Organization, and the Knowledge Economy: The Coordination of Firms and Resources

Published in print:
2005
Published Online:
April 2005
ISBN:
9780199240647
eISBN:
9780191602177
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199240647.003.0004
Subject:
Economics and Finance, Economic Systems

This chapter argues that the theory of the firm put forward in Nelson and Winter (1982) is less about bounded rationality than it is about socially held tacit knowledge. Attempts to combine the two ... More


Realistic Decision Theory: Rules for Nonideal Agents in Nonideal Circumstances

Paul Weirich

Published in print:
2004
Published Online:
November 2004
ISBN:
9780195171259
eISBN:
9780199834976
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/019517125X.001.0001
Subject:
Philosophy, Logic/Philosophy of Mathematics

Decision theory aims at a general account of rationality covering humans but to begin makes idealizations about decision problems and agents' resources and circumstances. It treats inerrant agents ... More


Rational People and Religion

Witham Larry

in Marketplace of the Gods: How Economics Explains Religion

Published in print:
2010
Published Online:
May 2010
ISBN:
9780195394757
eISBN:
9780199777372
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195394757.003.0002
Subject:
Religion, Religion and Society

Economics and cognitive psychology have long debated the nature of human rationality. One says humans have a capacity for rational calculation, while the other points to “cognitive bias” in people’s ... More


THE MANAGEMENT OF UNCERTAINTY: ORGANIZATIONS AS DECISION-MAKING SYSTEMS

Chun Wei Choo

in The Knowing Organization: How Organizations Use Information to Construct Meaning, Create Knowledge, and Make Decisions

Published in print:
2005
Published Online:
September 2007
ISBN:
9780195176780
eISBN:
9780199789634
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195176780.003.0005
Subject:
Business and Management, Knowledge Management

Depending on the degree of goal uncertainty and procedural uncertainty, organizational decision making may follow the bounded rationality model, process model, political model, or anarchic model. ... More


Rational Decision Making in Primates: The Bounded and the Ecological

Jeffrey R. Stevens

in Primate Neuroethology

Published in print:
2010
Published Online:
February 2010
ISBN:
9780195326598
eISBN:
9780199864904
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195326598.003.0006
Subject:
Psychology, Neuropsychology, Evolutionary Psychology

This chapter reviews decision making behavior in primates. Evidence from both human and nonhuman primates demonstrates that decision makers often fail to behave as predicted by economic principles of ... More


Bounded Rationality and Elections

Jonathan Bendor, Daniel Diermeier, David A. Siegel, and Michael M. Ting

in A Behavioral Theory of Elections

Published in print:
2011
Published Online:
October 2017
ISBN:
9780691135076
eISBN:
9781400836802
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691135076.003.0001
Subject:
Political Science, American Politics

This book discusses a behavioral theory of elections based on bounded rationality. As a research program, bounded rationality contains a set of alternative formulations, rather than a single theory ... More


Game Theory and Economic Modelling

David M. Kreps

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283812
eISBN:
9780191596568
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198283814.001.0001
Subject:
Economics and Finance, Microeconomics

Beginning in the early to the mid‐1970s, non‐cooperative game theory became an important tool of economics. This book is based on a series of lectures given at Oxford, and comments on this use of ... More


Game Theory: The Next Stage

Eric van Damme

in Economics Beyond the Millennium

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198292111
eISBN:
9780191596537
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292112.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics, Microeconomics

Eric van Damme outlines the different perspectives on game theory and emphasizes the practical limits of theory based on completely rational individuals. He argues that we will inevitably be forced ... More


Bounded Rationality and Retrospection

David M. Kreps

in Game Theory and Economic Modelling

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283812
eISBN:
9780191596568
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283814.003.0006
Subject:
Economics and Finance, Microeconomics

Argues that many of the weaknesses of game theory arise from weaknesses in how economists model individual (dynamic) behaviour: with hyper‐rational and forward‐looking, farsighted individuals. ... More


Bounded Rationality and Industrial Organization

Ran Spiegler

Published in print:
2011
Published Online:
September 2011
ISBN:
9780195398717
eISBN:
9780199896790
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195398717.001.0001
Subject:
Economics and Finance, Behavioural Economics

This book synthesizes recent developments in the theory of Industrial Organization, incorporating aspects of consumer psychology that are absent from the standard model of rational choice. The book ... More


Reasoning the Fast and Frugal Way

Gerd Gigerenzer

in Adaptive Thinking: Rationality in the Real World

Published in print:
2002
Published Online:
October 2011
ISBN:
9780195153729
eISBN:
9780199849222
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195153729.003.0008
Subject:
Philosophy, General

This chapter proposes a class of heuristics that exhibit bounded rationality based on Herbert Simon’s ideas. These “fast and frugal heuristics” operate with simple psychological principles that ... More


Learning as a Rational Foundation for Macroeconomics and Finance

George W. Evans and Seppo Honkapohja

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the central ideas about learning and bounded rationality for macroeconomics and finance. It first introduces the main methodological issues concerning expectation formation and ... More


Decision Making Processes and the Rate and Direction of Innovation *

David J. Teece

in Managing Intellectual Capital: Organizational, Strategic, and Policy Dimensions

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198295426
eISBN:
9780191596964
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198295421.003.0004
Subject:
Economics and Finance, Microeconomics

The reluctance to introduce competency‐destroying innovations may be understood as a product of the decision‐making biases of many large firms; some large firms tend to lose their ability and desire ... More


. The Agenda

NEIL M. KAY

in Pattern in Corporate Evolution

Published in print:
2000
Published Online:
October 2011
ISBN:
9780199242115
eISBN:
9780191697005
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199242115.003.0002
Subject:
Business and Management, Strategy, Organization Studies

This chapter focuses on neoclassical theory, the mainstream economics approach that has proved a robust and enduring foundation for analysis of prices and markets. It argues that alternative theories ... More


How Evolution Outwits Bounded Rationality: The Efficient Interaction of Automatic and Deliberate Processes in Decision Making and Implications for Institutions

Andreas Glöckner

in Better Than Conscious?: Decision Making, the Human Mind, and Implications For Institutions

Published in print:
2008
Published Online:
May 2016
ISBN:
9780262195805
eISBN:
9780262272353
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262195805.003.0012
Subject:
Psychology, Social Psychology

Classic behavioral decision research has intensively explored deliberate processes in decision making. Accordingly, individuals are viewed as bounded rational actors who, because of cognitive ... More


Mechanisms for Decisions about the Future

Jeffrey R. Stevens

in Animal Thinking: Contemporary Issues in Comparative Cognition

Published in print:
2011
Published Online:
May 2016
ISBN:
9780262016636
eISBN:
9780262298988
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016636.003.0007
Subject:
Psychology, Social Psychology

Evolutionary and psychological perspectives on decision making remain largely separate endeavors. The bounded rationality approach integrates these two perspectives by focusing on simple, plausible ... More


Conclusions Bounded Rationality and Elections

Jonathan Bendor, Daniel Diermeier, David A. Siegel, and Michael M. Ting

in A Behavioral Theory of Elections

Published in print:
2011
Published Online:
October 2017
ISBN:
9780691135076
eISBN:
9781400836802
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691135076.003.0008
Subject:
Political Science, American Politics

This chapter summarizes the book’s major findings regarding party location, turnout, voter choice, and voter participation. First, the simple party competition model suggests that in unidimensional ... More


Voting: An Individual and Reasoned Choice

Delia Baldassarri

in The Simple Art of Voting: The Cognitive Shortcuts of Italian Voters

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199828241
eISBN:
9780199979783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199828241.003.0001
Subject:
Sociology, Politics, Social Movements and Social Change

Chapter 1 draws a profile of the voter as decision maker, the protagonist of a choice. Voting is argued to be a nonrandom yet notdetermined, individual, and reasoned choice. The chapter confronts the ... More


Adaptive Behavior

Kumaraswamy Velupillai

in Computable Economics: The Arne Ryde Memorial Lectures

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198295273
eISBN:
9780191596988
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198295278.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Two counter‐intuitive points are made in this chapter. The first is the claim, demonstrated formally, that orthodox definitions of rationality, when viewed in a dynamic context, turn out to be ... More


Causal Compatibilism

Bernard Berofsky

in Nature's Challenge to Free Will

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199640010
eISBN:
9780191738197
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199640010.003.0006
Subject:
Philosophy, Metaphysics/Epistemology, Philosophy of Mind

For a compatibilist, a free agent is one whose decision or behavior is subsumable under appropriate psychological laws. These laws have the same lawmaking properties as laws in the natural sciences. ... More


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