Herbert Simon - Bounded Rationality & Satisficing (How to Avoid Regret)

In this video, we'll explore Herbert Simon’s theory of Bounded Rationality, Organizational Theory, and why “Satisficing” is a practical approach to decision-making that can help us avoid decision paralysis and make choices quickly and efficiently. #herbertsimon #boundedrationality #satisficing #practicalrationality #organizationaltheory #psychology #science #sometimesscience

Have you ever wondered why you sometimes make decisions that you later regret? Or why organizations often make choices that seem less than optimal? The answer might lie in the concepts of Bounded Rationality and Satisficing, two groundbreaking ideas introduced by economist and cognitive psychologist Herbert Simon. In 1978, Simon's groundbreaking work on Bounded Rationality earned him the Nobel Prize in Economic Sciences, a recognition that transcended personal achievement. This accolade marked a pivotal shift in the acceptance of Simon's ideas within academic and broader circles, validating the importance of considering human limitations in decision-making processes.

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Time Stamps
0:00 Introduction
0:17 Who Was Herbert Simon?
0:43 Perfect Rationality
1:21 Bounded Rationality
3:49 Critiques of Bounded Rationality
4:36 Conclusion

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