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Bounded Rationality in the Twenty-First Century

  • Stephen J. Guastello
Chapter
Part of the Evolutionary Economics and Social Complexity Science book series (EESCS, volume 13)

Abstract

This chapter traces the parallel development of the constructs of bounded rationality in economics and cognitive capacity in psychology. Both perspectives led to the study of cognitive biases, the interdisciplinary field of behavioral economics, and artificial intelligence products that solved some of the original problems but created new and similar ones. The role of emotions in ideally rational decision processes also motivated the study of cognitive workload and fatigue in financial decision making, which is the primary focus of this book. The chapter concludes with elementary constructs of nonlinear dynamical systems theory that are intrinsic to the theory of cognitive workload and fatigue that is articulated in Chap.  2.

Keywords

Fractal Dimension Channel Capacity Chaotic Attractor Secondary Task Nonlinear Dynamical System 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Japan 2016

Authors and Affiliations

  1. 1.Marquette UniversityMilwaukeeUSA

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