“It is impossible for the behavior of a single, isolated individual to reach a high degree of rationality. The number of alternatives he must explore is so great, the information he would need to evaluate them so vast that even an approximation to objective rationality is hard to conceive. Individual choice takes place in rationality is hard to conceive… Actual behavior falls short in at least three ways, of objective rationality:”

— Herbert A. Simon , book Administrative Behavior

1940s-1950s, Administrative Behavior, 1947

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Herbert A. Simon 58

American political scientist, economist, sociologist, and p… 1916–2001

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“The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world — or even for a reasonable approximation to such objective rationality.”

Herbert A. Simon book Administrative Behavior

Variant: The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world — or even for a reasonable approximation to such objective rationality.
Source: 1940s-1950s, Administrative Behavior, 1947, p. 198.

“Rationality requires a choice among all possible alternative behaviors. In actual behavior, only a very few of all these possible alternatives come to mind.”

Herbert A. Simon book Administrative Behavior

Source: 1940s-1950s, Administrative Behavior, 1947, p. 79; As cited in: Terry Winograd, ‎Fernando Flores (1986) Understanding Computers and Cognition: A New Foundation for Design. p. 21.

“As conceived in this book, economics is the science of rational choice in a world─our world─in which resources are limited in relation to human wants. The task of economics, so defined, is to explore the implications of assuming that man is a rational maximizer of his ends in life, his satisfactions─what we shall call his “self-interest.” Rational maximization should not be confused with conscious calculation. Economics is not a thoery about consciousness. Behavior is rational when it conforms to the model of rational choice, whatever the state of mind of the chooser.(…) Nor is perfect rationality assumed; rational-choice thoery allows us to assume that rationality is “bounded” because of human cognitive limitations, although another way to think of those limitations is as costs of absorbing and using information.”

Richard A. Posner (1939) United States federal judge

Source: Economic Analysis of Law (7th ed., 2007), Ch. 1: The Nature of Economic Reasoning

“The hard core in public choice can be summarized in three presuppositions: (1) methodological individualism, (2) rational choice, and (3) politics-as-exchange.”

James M. Buchanan (1919–2013) American economist

Public Choice: The Origins and Development of a Research Program (2003)

“Roughly speaking, rationality is concerned with the selection of preferred behavior alternatives in terms of some system of values, whereby the consequences of behavior can be evaluated.”

Herbert A. Simon book Administrative Behavior

Source: 1940s-1950s, Administrative Behavior, 1947, p. 84.

“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”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

attain targets while satisfying constraints
Simon (1997, p. 17); As cited in: Gustavo Barros (2010, p. 460).
1980s and later

“In Administrative Behavior, bounded rationality is largely characterized as a residual category — rationality is bounded when it falls short of omniscience. And the failures of omniscience are largely failures of knowing all the alternatives, uncertainty about relevant exogenous events, and inability to calculate consequences. There was needed a more positive and formal characterization of the mechanisms of choice under conditions of bounded rationality… Two concepts are central to the characterization: search and satisficing.”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

Source: 1960s-1970s, "Rational decision making in business organizations", Nobel Memorial Lecture 1978, p. 502; As cited in Barros (2010, p. 464-5).

“The first consequence of the principle of bounded rationality is that the intended rationality of an actor requires him to construct a simplified model of the real situation in order to deal with it. He behaves rationally with respect to this model, and such behavior is not even approximately optimal with respect to the real world. To predict his behavior we must understand the way in which this simplified model is constructed, and its construction will certainly be related to his psychological properties as a perceiving, thinking, and learning animal.”

Herbert A. Simon (1916–2001) American political scientist, economist, sociologist, and psychologist

Source: 1940s-1950s, Models of Man, 1957, p. 198; Cited in P. Slovic (1972, p. 2).

“All rational action is economic. All economic activity is rational action. All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.”

Ludwig von Mises book Socialism

Part II : The Economics of a Socialist Community, § I : The Economics of an Isolated Socialist Community, Ch. 5 : The Nature of Economic Activity, p. 97 http://www.econlib.org/library/Mises/msS3.html#Part%20II,Ch.5
Socialism (1922)
Source: Socialism: An Economic and Sociological Analysis

“A person’s behavior is rational if it is in his best interests, given his information.”

Robert Aumann (1930) Israeli-American mathematician

Source: War and peace (2005), p. 2

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