“In these two essays [the papers of 1955 and 1956] the focus is upon ways of simplifying the choice problem to bring it within the power of human computation… The key to the simplification of the choice process in both cases is the replacement of the goal of maximizing with the goal of satisficing, of finding a course of action that is ‘good enough’. I have tried, in these two essays, to show why this substitution is an essential step in the application of the principle of bounded rationality.”

— Herbert A. Simon , book Administrative Behavior

Source: 1940s-1950s, Administrative Behavior, 1947, p. 204‑5; As cited in: Gustavo Barros (2010) " Herbert A. Simon and the concept of rationality: boundaries and procedures http://www.scielo.br/pdf/rep/v30n3/a06v30n3.pdf." Revista de Economia Política 30.3. p. 461.

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Herbert A. Simon 58

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

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Source: 1930s, A Dynamic Theory of Personality, 1935, p. 123.

“These two essays probably will essentially be able to interest only theologians.”

Sören Kierkegaard (1813–1855) Danish philosopher and theologian, founder of Existentialism

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1840s, Two Ethical-Religious Minor Essays (1849)

“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

“We should stop using the argument that if we build more factories here, we will have to buy two or three less F-16s. That's really not the case. First, it is needed to set the goals. Let's set the goal, and I'm certain that we will find resources for it. And if, there is no choice, and the question of the F-16 will stand opposed to human dignity, I will decide in favor of the human being, and not in favor of the F-16.”

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“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).

“Decision making processes are aimed at finding courses of action that are feasible or satisfactory in the light of multiple goals and constraints.”

Herbert A. Simon book Administrative Behavior

Source: 1940s-1950s, Administrative Behavior, 1947, p. 274.

“The problem, of course, was that turning into a monster was the brighter of my two choices. Choice Number 1: I turn into a vampyre, which equals a monster in just about any human’s mind. Choice Number 2: My body rejects the Change and I die. Forever.

So the good news is that I wouldn’t have to take the geometry test tomorrow.”

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“Of course, the human soul will always have the power to reject God, for choice is essential to its nature, but I cannot believe that anyone will finally do this.”

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“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.”

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“It is important only to remember that the 'choice of goals and the formulation of policy cannot in any case be separate decisions.”

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Source: Quote, The Concept of Strategy, 1971, p. 30

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