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Industrial and Corporate Change, Volume 9, Number 4, pp. 623-658
© 2000 Oxford University Press

Costly and bounded rationality in individual and team decision-making

R Radner

Henry Kaufman Management Center, Department of Information Systems, Leonard N. Stern School of Business, New York University, 44 West Fourth Street, Suite 9-170, New York, NY 10012-1126, USA
E-mail: rradner@stern.nyu.edu

Abstract

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


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