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Understanding Industrial and Corporate Change$
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Giovanni Dosi, David J. Teece, and Josef Chytry

Print publication date: 2004

Print ISBN-13: 9780199269426

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269426.001.0001

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Costly and Bounded Rationality in Individual and Team Decision-making

Costly and Bounded Rationality in Individual and Team Decision-making

Chapter:
(p.3) Costly and Bounded Rationality in Individual and Team Decision-making
Source:
Understanding Industrial and Corporate Change
Author(s):

Roy Radner

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269426.003.0001

The ‘Savage’ paradigm of rational decision-making under uncertainty has become the dominant model of human behaviour in mainstream economics and game theory. However, under the rubric of ‘bounded rationality’, this model has been criticized as inadequate from both normative and descriptive viewpoints. This chapter sketches the historical roots and some current developments of this movement, distinguishing between attempts to extend the ‘Savage’ paradigm (costly rationality) and the need for more radical departures (truly bounded rationality).

Keywords:   decision-making, uncertainty, game theory, Savage paradigm

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