Choice Theory in early 20th century Economics and Bounded Rationality

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  • 20世紀初頭の経済学の選択理論と限定合理性をめぐって
  • 20セイキ ショトウ ノ ケイザイガク ノ センタク リロン ト ゲンテイ ゴウリセイ オ メグッテ

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This paper compares the features of H. Simon's model of choice action based on bounded rationality with those of choice theory in early twentieth-century economics. The problems of the neoclassical model based on the Economic Man can be seen in the two assumptions of perfect knowledge and consistency of preference , and the question of the reality of these assumptions is common to the economists of the early 20th century. Considering this, the establishment of behavioural economics based on bounded rationality from the mid-twentieth century onwards can be explained as being linked with neoclassical economics, which had previously been the object of criticism. This may also suggest that economics as positive science science can be connected to external fields such as moral science.

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