Bounded rationality and Economics

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Difference between Bounded rationality and Economics

Bounded rationality vs. Economics

Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, the cognitive limitations of their minds, and the time available to make the decision. Economics is the social science that studies the production, distribution, and consumption of goods and services.

Cognitive bias

A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment.

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Decision-making

In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Heuristics in judgment and decision-making

In psychology, heuristics are simple, efficient rules which people often use to form judgments and make decisions.

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Homo economicus

The term homo economicus, or economic man, is a caricature of economic theory framed as a "mythical species" or word play on homo sapiens, and used in pedagogy.

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Human behavior

Human behavior is the responses of individuals or groups of humans to internal and external stimuli.

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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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Political science

Political science is a social science which deals with systems of governance, and the analysis of political activities, political thoughts, and political behavior.

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Rational choice theory

Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.

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Social science

Social science is a major category of academic disciplines, concerned with society and the relationships among individuals within a society.

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Transaction cost

In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.

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Utility

Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.

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