Economics and Rationality of Organizations: An Approach to the Work of Herbert A. Simon

24 Pages Posted: 3 Apr 2010

See all articles by Fernando Estrada

Fernando Estrada

Universidad Externado de Colombia - Facultad de Finanzas, Gobierno y Relaciones Internacionales

Date Written: April 1, 2010

Abstract

One of the main achievements of Herbert A. Simon in organizational theory is analytically evaluating the psychology of individual and collective behavior thus opening the ground for further research D. Kahneman, and T. Schelling. This article provides an assessment of the contributions of Simon's theory of organizations with special emphasis on the criterion of bounded rationality. It is interpreted Simon's criticism of the orthodox version of organizational bureaucracy and extends his analysis to the new institutional economics.

Keywords: Economic Theory, Organizations, Herbert Simon, Bounded Rationality, Kahneman, Schelling and Decision Theory

JEL Classification: A1, A10, A13, B15, B4, B41, C7, C72. D82

Suggested Citation

Estrada, Fernando, Economics and Rationality of Organizations: An Approach to the Work of Herbert A. Simon (April 1, 2010). Available at SSRN: https://ssrn.com/abstract=1583199 or http://dx.doi.org/10.2139/ssrn.1583199

Fernando Estrada (Contact Author)

Universidad Externado de Colombia - Facultad de Finanzas, Gobierno y Relaciones Internacionales ( email )

Calle 12 # 0 - 85 Este, Barrio La Candelaria
Bogota, DC Cundinamarca 1267
Colombia
05-71 - 3419900 - ext. 1202 (Phone)

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