Bounded Rationality, Satisficing

We seek a decision that will be good enough, rather than the best possible decision.

#behavior

  1. The B.C Society for the Prevention of Cruelty to Animals. (2017, December 2). Food label "fowl" play: The free run chicken myth. BC SPCA. https://spca.bc.ca/news/free-run-chicken-myth
  2. Wheeler, G. (2018, November 30). Bounded rationality (Stanford encyclopedia of philosophy). Stanford Encyclopedia of Philosophy. https://plato.stanford.edu/entries/bounded-rationality/
  3. DeShong, T. (2019, September 12). With his new chicken documentary, is Morgan Spurlock part of the solution and the problem? The Washington Post. https://www.washingtonpost.com/lifestyle/food/with-his-new-chicken-documentary-is-morgan-spurlock-part-of-the-solution-and-the-problem/2019/09/11/39b985d0-cb6e-11e9-a1fe-ca46e8d573c0_story.html
  4. Warshaw, B. (2019, July 17). What’s the difference between free-range, cage-free, and pasture-raised eggs? Eater. https://www.eater.com/2019/7/17/20696498/whats-the-difference-cage-free-free-range-pasture-raised-eggs
  5. Simon, H. A. (1955). A behavioral model of rational choice. The Quarterly Journal of Economics, 69(1), 99-118. https://doi.org/10.2307/1884852
  6. Simon, H. A. (1990). Invariants of human behavior. Annual Review of Psychology, 41(1), 1-20. https://doi.org/10.1146/annurev.ps.41.020190.000245
  7. Gigerenzer, G. (1991). From tools to theories: A heuristic of discovery in cognitive psychology. Psychological Review, 98(2), 254-267. https://doi.org/10.1037/0033-295x.98.2.254
  8. Roehrich, J., Grosvold, J., & Hoejmose, S. U. (2014). Reputational risks and sustainable supply chain management: Decision making under bounded rationality. International Journal of Operations & Production Management, 34(5), 695-719. https://www-emerald-com.ezproxy.library.ubc.ca/insight/content/doi/10.1108/IJOPM-10-2012-0449/full/html
  9. Hausman, J. A. (1979). Individual discount rates and the purchase and utilization of energy-using durables. The Bell Journal of Economics, 10(1), 33-54. https://doi.org/10.2307/3003318
  10. Loewenstein, G., & Thaler, R. H. (1989). Anomalies: Intertemporal choice. Journal of Economic Perspectives, 3(4), 181-193. https://doi.org/10.1257/jep.3.4.181
  11. Blistein, J. (2019, May 24). Is streaming music dangerous to the environment? One researcher is sounding the alarm. Rolling Stone. https://www.rollingstone.com/music/music-features/environmental-impact-streaming-music-835220/
Referenced in:

Fooled by Randomness by Nassim Nicholas Taleb