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Around 1958, I became aware of H.A. Simon's seminal papers on bounded rationality and was immediately convinced by his arguments. I tried to construc… - Reinhard Selten
" "Around 1958, I became aware of H.A. Simon's seminal papers on bounded rationality and was immediately convinced by his arguments. I tried to construct a theory of boundedly rational multigoal decision making. Together with Heinz Sauermann, I worked out an "aspiration adaptation theory of the firm" which was published as a journal article in 1962... More and more I came to the conclusion that purely speculative approaches like that of our paper of 1962 are of limited value. The structure of boundedly rational economic behavior cannot be invented in the armchair, it must be explored experimentally.
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About Reinhard Selten
Reinhard Justus Reginald Selten (5 October 1930 – 23 August 2016) is a German economist, who won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Forbes Nash). He is also well known for his work in bounded rationality, and can be considered as one of the founding fathers of experimental economics.
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Reinhard Justus Reginald Selten
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Additional quotes by Reinhard Selten
My master's thesis and later my Ph.D. thesis had the aim of axiomatizing a value for e-person games in extensive form. This work made me familiar with the extensive form, in a time when very little work on extensive games was done. This enabled me to see the perfectness problem earlier than others and to write the contributions for which I am now honored by the prize in memory of Alfred Nobel.
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