This bounded rationality leads to inertia in nominal prices and wages which can lead to output fluctuating at constant nominal prices and wages.
32.
He is also well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics.
33.
He is also well known for his work in bounded rationality, and can be considered as one of the founding fathers of experimental economics.
34.
As decision-makers have to make decisions about how and when to decide, Ariel Rubinstein proposed to model bounded rationality by explicitly specifying decision-making procedures.
35.
As he explains in " Markets and Hierarchies ", it exists " mainly because of uncertainty and opportunism, though bounded rationality is involved as well.
36.
Cognitive scientist Herbert A . Simon originally proposed that human judgments are limited by available information, time contraints, and cognative limitations, calling this bounded rationality.
37.
A concept rooted in considerations of the actual machinery of human reasoning, bounded rationality is one that may inform significant advances in cognitive bias mitigation.
38.
Finally because of the limitations in the current methods for prediction of activity, drug design is still very much reliant on serendipity and bounded rationality.
39.
Consumers tend to base their buying decisions on incomplete and biased information about total costs of products which is referred to as " bounded rationality ".
40.
However planning has clear limits due to limits to rationality ( " bounded rationality " see Simon ( 1957 ) and Lindblom ( 1979 ) ).
