[Revised entry by Gregory Wheeler on December 13, 2024.
Changes to: Main text, Bibliography, bias-variance-decomp.html]
Herbert Simon introduced the term ‘bounded rationality’ (Simon 1957b: 198; see also Klaes a Sent 2005) as shorthand for his proposal to replace the perfect rationality assumptions of homo economicus with a concept of rationality better suited to cognitively limited agents:…
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[Revised entry by Gregory Wheeler on December 13, 2024. Changes to: Main text, Bibliography, bias-variance-decomp.html] Herbert Simon introduced the term...
