Further, the modeling of the actors themselves in generalized game theory is especially open to the use of concepts such as incomplete information and bounded rationality.
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*Bounded rationality might be what you are looking for-- see also our article on satisficing . talk ) 16 : 05, 11 November 2013 ( UTC)
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The processes in turn emerge from actions of diverse agents with bounded rationality who may learn from experience and interactions and whose differences contribute to the change.
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His work is heavily influenced by that of Herbert A . Simon and by the concepts of bounded rationality, which form the basis for his approach to strategy.
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Computers are just as subject as humans to Simon's " bounded rationality . " Computers cannot create narratives by using brute computational force to mindlessly try every alternative.
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He called this less ambitious view of human decision making " bounded rationality " or " intended rational behavior " and described the results it brought as " satisficing ."
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Sterman et al . show that expanding rapidly to realize experience curve benefits is a high risk strategy in dynamic markets with common features like bounded rationality and durable products.
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This idea is also present in the concept of bounded rationality which assumes that in real life situations people often have a limited amount of information and make decisions accordingly.
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They stress uncertainty and bounded rationality in the making of economic decisions, rather than relying on the rational man who is fully informed of all circumstances impinging on his decisions.
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The new study is consistent with a " bounded rationality " model, since the creation of new articles depends significantly on the topics editors choose to link to from existing articles.
