Complexity Theoretic Bounded Rationality and Satisficing

  • Kumaraswamy Vela Velupillai
Part of the New Economic Windows book series (NEW)


Formally, the orthodox rational agent’s ‘Olympian’ choices ([9], p. 19) appear to be made in a static framework. However, a formalization of consistent choice, underpinned by computability, suggests 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 by varieties of frameworks of theories of complexity.


Rational Agent Decision Problem Rational Choice Turing Machine Bound Rationality 
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© Springer-Verlag Italia 2010

Authors and Affiliations

  • Kumaraswamy Vela Velupillai
    • 1
  1. 1.Department of Economics & CIFREMUniversity of TrentoTrentoItaly

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