Bounded Rationality in the Economics of Organization: Present Use and (Some)Future Possibilities

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    The way in which bounded rationality enters contemporary organizational economics theorizing is examined. It is argued that, as it is being used, bounded rationality is neither necessary nor sufficient for producing the results of organizational economics. It is at best a rhetorical device, used for the purpose of loosely explaining incomplete contracts. However, it is possible to incorporate much richer notions of bounded rationality, founded on research in cognitive
    psychology, and to illuminate the study of economic organization by means of such notions. A number of examples are provided.
    UdgiverDRUID - Danish Research Unit for Industrial Dynamics
    Udgave3rd revision
    Antal sider24
    ISBN (Trykt)8778731127
    StatusUdgivet - 2001
    NavnDRUID Working Paper