By Jonathan Bendor
In Bounded Rationality and Politics, Jonathan Bendor considers faculties of behavioral economics--the first guided via Tversky and Kahneman's paintings on heuristics and biases, which specializes in the blunders humans make in judgment and selection; the second one as defined by way of Gerd Gigerenzer's software on quickly and frugal heuristics, which emphasizes the effectiveness of straightforward ideas of thumb. discovering every one of those radically incomplete, Bendor's illuminating research proposes Herbert Simon's pathbreaking paintings on bounded rationality with the intention to reconcile the inconsistencies among the 2 camps. Bendor sho. Read more...
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Additional resources for Bounded rationality and politics
This is certainly an unusual episode in political science. Rarely in our discipline’s history have such successful models been so neglected. ) While it is beyond the scope of this chapter to explain this trajectory in detail (the interested reader should see Green and Thompson), three reasons for it are worth mentioning because they pertain to some important themes of this chapter. (1) Human capital and tools. Crecine used computer modeling. Very few political scientists were trained in this method.
Further, novices, not realizing that having one more pawn than their opponent at the end can be decisive, will often play it out to the bitter end. Thus, a BR theory would predict that the crossing point— when cognitive capacities cease to bind—occurs much later, if at all, for novices than for experts. Accordingly, the predictions of the two types of theories will differ more for novices than for experts. The idea that BR’s signiﬁcance turns on the difference between cognitive resources and task demands, not on cognition’s absolute level, implies what might be called a scaling principle of modeling: what matters in a model is not so much how sophisticated the agents are assumed to be or how hard the problems are but rather the difference between the two.
The reaction in economics was different, though it too produced a lag. Because economics already had a well-established research program, built on the twin foundations of individual optimization and market equilibrium, and because Simon’s program challenged a core postulate of RC, the initial 22 Herbert A. Simon reaction of most economists was hostility or, at best, indifference. Cyert and March’s signiﬁcant work, A Behavioral Theory of the Firm (1963), was designed to show economists what the new research program could do, but it too failed to generate much interest.
Bounded rationality and politics by Jonathan Bendor