Foundations of Boundedly Rational Choice and Satisficing Decisions
K. Vela Velupillai · Advances in Decision Sciences · 2010
Formally, the orthodox rational agent's “Olympian” choices, as Simon has called orthodox rational choice, are made in a static framework. However, a formalization of consistent choice, underpinned by computability, suggests by, satisficing in a boundedly rational framework is not only more general than the model of “Olympian” rationality, it is also consistently dynamic. This kind of naturally process-oriented approach to the formalization of consistent choice can be interpreted and encapsulated within the framework of decision problems—in the formal sense of metamathematics and mathematical logic—which, in turn, is the natural way of formalizing the notion of Human Problem Solving in the Newell-Simon sense.