The Legacy of Herbert Simon in Economic Analysis PDF Download

Author: Peter E. Earl
Publisher:
ISBN:
Category : Economists
Languages : en
Pages : 634

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Author: Mie Augier
Publisher: MIT Press
ISBN: 0262546493
Category : Social Science
Languages : en
Pages : 582

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Essays that pay tribute to the wide-ranging influence of the late Herbert Simon, by friends and colleagues. Herbert Simon (1916-2001), in the course of a long and distinguished career in the social and behavioral sciences, made lasting contributions to many disciplines, including economics, psychology, computer science, and artificial intelligence. In 1978 he was awarded the Nobel Prize in economics for his research into the decision-making process within economic organizations. His well-known book The Sciences of the Artificial addresses the implications of the decision-making and problem-solving processes for the social sciences. This book (the title is a variation on the title of Simon's autobiography, Models of My Life) is a collection of short essays, all original, by colleagues from many fields who felt Simon's influence and mourn his loss. Mixing reminiscence and analysis, the book represents "a small acknowledgment of a large debt." Each of the more than forty contributors was asked to write about the one work by Simon that he or she had found most influential. The editors then grouped the essays into four sections: "Modeling Man," "Organizations and Administration," "Modeling Systems," and "Minds and Machines." The contributors include such prominent figures as Kenneth Arrow, William Baumol, William Cooper, Gerd Gigerenzer, Daniel Kahneman, David Klahr, Franco Modigliani, Paul Samuelson, and Vernon Smith. Although they consider topics as disparate as "Is Bounded Rationality Unboundedly Rational?" and "Personal Recollections from 15 Years of Monthly Meetings," each essay is a testament to the legacy of Herbert Simon—to see the unity rather than the divergences among disciplines.

Author: Peter E. Earl
Publisher: Edward Elgar Publishing
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 600

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Herbert A. Simon has been a leading contributor to cognitive psychology, computer science, public administration, philosophy and statistics, and is the winner of the 1978 Nobel Memorial Prize in economics. As this collection demonstrates, his impact on economics has been felt in areas as diverse as the theory of the firm and economic organization, consumer behaviour, law and economics, and environmental economics. Central to his work is the notion of bounded rationality - the mismatch between human decision-making capacities and the scale of the decision problems that people face, which results in satisficing rather than optimizing behaviour - and his belief that economic research should start from the study of actual behaviour rather than being based on convenient but unrealistic assumptions. Peter Earl's choice of articles shows both the kind of economics that emerges when Simon's philosophy is followed comprehensively, and what happens when neo-classical economists partially adopt his ideas.

Author: Mora, Manuel
Publisher: IGI Global
ISBN: 1591400805
Category : Computers
Languages : en
Pages : 435

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Annotation The book presents state-of-the-art knowledge about decision-making support systems (DMSS). Its main goals are to provide a compendium of quality chapters on decision-making support systems that help diffuse scarce knowledge about effective methods and strategies for successfully designing, developing, implementing, and evaluating decision-making support systems, and to create an awareness among readers about the relevance of decision-making support systems in the current complex and dynamic management environment.

Author: Robert William Fogel
Publisher: University of Chicago Press
ISBN: 0226256618
Category : Business & Economics
Languages : en
Pages : 163

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We take for granted today that the assessments, measurements, and forecasts of economists are crucial to the decision-making of governments and businesses alike. But less than a century ago that wasn’t the case—economists simply didn’t have the necessary information or statistical tools to understand the ever more complicated modern economy. With Political Arithmetic, Nobel Prize–winning economist Robert Fogel and his collaborators tell the story of economist Simon Kuznets, the founding of the National Bureau of Economic Research, and the creation of the concept of GNP, which for the first time enabled us to measure the performance of entire economies. The book weaves together the many strands of political and economic thought and historical pressures that together created the demand for more detailed economic thinking—Progressive-era hopes for activist government, the production demands of World War I, Herbert Hoover’s interest in business cycles as President Harding’s commerce secretary, and the catastrophic economic failures of the Great Depression—and shows how, through trial and error, measurement and analysis, economists such as Kuznets rose to the occasion and in the process built a discipline whose knowledge could be put to practical use in everyday decision-making. The product of a lifetime of studying the workings of economies and skillfully employing the tools of economics, Political Arithmetic is simultaneously a history of a key period of economic thought and a testament to the power of applied ideas.

Author: Edgardo Bucciarelli
Publisher: Springer
ISBN: 3319401114
Category : Technology & Engineering
Languages : en
Pages : 96

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The special session Decision Economics (DECON) 2016 is a scientific forum by which to share ideas, projects, researches results, models and experiences associated with the complexity of behavioral decision processes aiming at explaining socio-economic phenomena. DECON 2016 held in the University of Seville, Spain, as part of the 13th International Conference on Distributed Computing and Artificial Intelligence (DCAI) 2016. In the tradition of Herbert A. Simon’s interdisciplinary legacy, this book dedicates itself to the interdisciplinary study of decision-making in the recognition that relevant decision-making takes place in a range of critical subject areas and research fields, including economics, finance, information systems, small and international business, management, operations, and production. Decision-making issues are of crucial importance in economics. Not surprisingly, the study of decision-making has received a growing empirical research efforts in the applied economic literature over the last sixty years. The recognition of the oversimplification and limitations of subjective expected utility theory has produced an extraordinary volume of empirical research aimed at discovering how economic agents cope with complexity. In the centenary of his birth, the international scientific community acknowledges Herbert A. Simon’s research endeavors aimed to understand the processes involved in economic decision-making and their implications for the advancement of economic studies. Within the field of decision-making, Simon’s rejection of standard decision-making models of neoclassical economics inspired social scientists worldwide to develop research programs in order to study decision-making empirically. The main achievements regarded decision-making for individual, firms, markets, governments and institution. There are many scholars in the world that claim that Herbert A. Simon has precipitated something like a revolution in microeconomics focused on the concept of decision-making. Among these scholars are the Editors of this book who believe that very few scientists produce seminal work in more than one field: Herbert A. Simon was one of them, that caliber of genius.

Author: Herbert A. Simon
Publisher: Mit Press
ISBN: 9780262690867
Category : Business & Economics
Languages : en
Pages : 502

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Book Description
Most of Simon's papers on classical and neoclassical economic theory are contained in volume one.

Author: Jatinder N.D. Gupta
Publisher: Springer Science & Business Media
ISBN: 1846282314
Category : Technology & Engineering
Languages : en
Pages : 508

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This book will be bought by researchers and graduates students in Artificial Intelligence and management as well as practising managers and consultants interested in the application of IT and information systems in real business environment.

Author: Richard R. Nelson
Publisher: Harvard University Press
ISBN: 9780674041431
Category : Business & Economics
Languages : en
Pages : 456

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This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

Author: Herbert A. Simon
Publisher: MIT Press
ISBN: 026269185X
Category : Biography & Autobiography
Languages : en
Pages : 463

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In this candid and witty autobiography, Nobel laureate Herbert A. Simon looks at his distinguished and varied career, continually asking himself whether (and how) what he learned as a scientist helps to explain other aspects of his life. A brilliant polymath in an age of increasing specialization, Simon is one of those rare scholars whose work defines fields of inquiry. Crossing disciplinary lines in half a dozen fields, Simon's story encompasses an explosion in the information sciences, the transformation of psychology by the information-processing paradigm, and the use of computer simulation for modeling the behavior of highly complex systems. Simon's theory of bounded rationality led to a Nobel Prize in economics, and his work on building machines that think—based on the notion that human intelligence is the rule-governed manipulation of symbols—laid conceptual foundations for the new cognitive science. Subsequently, contrasting metaphors of the maze (Simon's view) and of the mind (neural nets) have dominated the artificial intelligence debate. There is also a warm account of his successful marriage and of an unconsummated love affair, letters to his children, columns, a short story, and political and personal intrigue in academe.