Enhance Your Quote Experience
Enjoy ad-free browsing, unlimited collections, and advanced search features with Premium.
Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumpti… - Herbert Simon
" "Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumption enables economics to predict a great deal of behavior (correctly or incorrectly) without ever making empirical studies of human actors.
English
Collect this quote
About Herbert Simon
Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American political scientist whose research ranged across the fields of cognitive psychology, computer science, public administration, economics, management, philosophy of science and sociology and was a professor, most notably, at Carnegie Mellon University. With almost a thousand often very highly cited publications he is one of the most influential social scientists of the 20th century.
Also Known As
Native Name:
Herbert A. S
Alternative Names:
Herbert A. Simon
•
Herbert Alexander Simon
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Herbert Simon
Global rationality, the rationality of neoclassical theory, assumes that the decision maker has a comprehensive, consistent utility function, knows all the alternatives that are available for choice, can compute the expected value of utility associated with each alternative, and chooses the alternative that maximizes expected utility. Bounded rationality, a rationality that is consistent with our knowledge of actual human choice behavior, assumes that the decision maker must search for alternatives, has egregiously incomplete and inaccurate knowledge about the consequences of actions, and chooses actions that are expected to be satisfactory (attain targets while satisfying constraints).
Unlimited Quote Collections
Organize your favorite quotes without limits. Create themed collections for every occasion with Premium.
Organizations are systems of coordinated action among individuals and groups whose preferences, information, interests, or knowledge differ. Organization theories describe the delicate conversion of conflict into cooperation, the mobilization of resources, and the coordination of effort that facilitate the joint survival of an organization and its members.
Loading...