What Simon says

Research, Preprint OPEN
Floris Heukelom (2007)
  • Publisher: Tinbergen Institute Amsterdam and Rotterdam
  • Subject: D21 | A12 | Rentenfinanzierung | D01 | hierarchic organizations | Gesetzliche Rentenversicherung | Herbert Simon | Altersvorsorge | Expected Utility Theory | decision making | Herbert Simon; decision making; Expected Utility Theory; hierarchic organizations | Private Altersvorsorge | OECD-Staaten | Schock | Wirtschaftskrise
    • jel: jel:D21 | jel:A12 | jel:D01
      ddc: ddc:330
    acm: ComputingMilieux_MISCELLANEOUS

This paper provides an overview of the work of Herbert Simon and his ideas about rational decision making. By his own standards, Simon is an economist who works in the tradition of Adam Smith and Alfred Marshall. The central theme in Simon’s research is how human beings organize themselves in different structures of distributed decision making in order to achieve a degree of rationality that is higher than which can be attained by the individual. In this realm his main preoccupation are hierarchic organizations such as the business firm and the computer. Simon sharply contrasts his views with the EUT, the dominant view on rational decision making in economics and other social sciences.
  • References (1)

    Simon, H. S. (1978). Autobiography, www.Nobelprize.org, http://nobelprize.org/nobel_prizes/economics/laureates/1978/simon-autobio.html.

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