A conceptual history of the emergence of bounded rationality
Multiple interpretations of the concept of bounded rationality are currently employed across the social sciences and beyond. This paper studies the emergence of ‘bounded rationality’ from the 19th century conceptual field of ‘limited’ and ‘finite’ intelligence. This field broadened in the first half of the 20th century to encompass related concepts such as ‘incomplete’, ‘limited’, and ‘approximate’ rationality. Eventually, ‘bounded rationality’ became a dominant expression to address the field. We study the processes of incremental institutionalisation of ‘bounded rationality’, from its origins in the administrative sciences and politics to its present renaissance in behavioural economics.
Preprint: 2005-KlaesSent-HOPE-BR-preprint.pdf
Bibliographical details of final and authoritative version: Klaes, M and Sent, E-M. 2005. A Conceptual History of Bounded Rationality. History of Political Economy 37(1): 27-60.
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