Herbert A. Simon and the concept of rationality: Boundaries and procedures

Vol. 30 No. 3 (2010)

Jul-Sep / 2010
Published July 1, 2010
PDF-English
PDF-English

How to Cite

Barros, Gustavo. 2010. “Herbert A. Simon and the Concept of Rationality: Boundaries and Procedures”. Brazilian Journal of Political Economy 30 (3), 455-72. https://centrodeeconomiapolitica.org.br/rep/index.php/journal/article/view/453.

Herbert A. Simon and the concept of rationality: Boundaries and procedures

Gustavo Barros
Economics Ph.D. student at FEA‑USP
Brazilian Journal of Political Economy, Vol. 30 No. 3 (2010), Jul-Sep / 2010, Pages 455-472

Abstract

This paper discusses Herbert A. Simon’s conception of rationality in two of its principal general definitions: bounded rationality and procedural rationality. It argues that the latter is the one that better synthesizes the author’s view about rational behavior and that the former fills mainly a critical function. They are complementarily used by Simon in this sense. In spite of that, it is argued that it is the low degree of specificity of the concept of bounded rationality one of the reasons for its relatively greater success.

JEL Classification: D01; B31; B52.


Keywords: Herbert A. Simon, bounded rationality, procedural rationality