Jump to ContentJump to Main Navigation
Understanding Industrial and Corporate Change$
Users without a subscription are not able to see the full content.

Giovanni Dosi, David J. Teece, and Josef Chytry

Print publication date: 2004

Print ISBN-13: 9780199269426

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780199269426.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 October 2021

Costly and Bounded Rationality in Individual and Team Decision-making

Costly and Bounded Rationality in Individual and Team Decision-making

(p.3) Costly and Bounded Rationality in Individual and Team Decision-making
Understanding Industrial and Corporate Change

Roy Radner

Oxford University Press

The ‘Savage’ paradigm of rational decision-making under uncertainty has become the dominant model of human behaviour in mainstream economics and game theory. However, under the rubric of ‘bounded rationality’, this model has been criticized as inadequate from both normative and descriptive viewpoints. This chapter sketches the historical roots and some current developments of this movement, distinguishing between attempts to extend the ‘Savage’ paradigm (costly rationality) and the need for more radical departures (truly bounded rationality).

Keywords:   decision-making, uncertainty, game theory, Savage paradigm

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .