Undecidable decisions: Rationality limits and decision-making heuristics

World Futures 63 (1):28 – 37 (2007)
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Abstract

In this article the theoretic evolution and the empirical-experimental efforts that have led to the affirmation of the bounded/procedural rationality paradigm are discussed. Moreover, the debate on supporters of the "optimization" approach and supporters of the "bounded/procedural rationality" approach is traced, highlighting the irreconcilability of these two approaches and, in retort, a solid defense against a merely "reductionist" attempt of the innovative context of the Simonian theory. Critically going over the debate on decision dynamics, it becomes clear how, due to the uncertain nature of rational processes, it is impossible to establish the decision-making best way. The imperfect character of individual choice is explained by how the decider identifies a solution that appears satisfying in that moment due to cognitive and temporal limits.

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Citations of this work

Threats to Democratic Rationality.Kristin A. Wagers & Bruce Tonn - 2010 - World Futures 66 (8):597-625.

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References found in this work

The Adapted Mind: Evolutionary Psychology and the Generation of Culture.Jerome H. Barkow, Leda Cosmides & John Tooby - 1992 - Oxford University Press. Edited by Jerome H. Barkow, Leda Cosmides & John Tooby.
Proofs and refutations: the logic of mathematical discovery.Imre Lakatos (ed.) - 1976 - New York: Cambridge University Press.
Theory of Games and Economic Behavior.David Hawkins - 1945 - Philosophy of Science 12 (3):221-227.

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