Modelling cognitively bounded rationality: An evaluative taxonomy

Graham Mallard

Research output: Contribution to journalArticle

16 Citations (SciVal)


Since its origins in the 1950s, the notion of bounded rationality has been incorporated into economic theory using an array of methodological approaches. This paper presents a taxonomy by which these approaches can be categorized and understood, evaluating each approach against a range of important criteria. At a time when the foundations of economic theory are being re-examined, this paper should be viewed as a first step towards an assessment of the appropriate role that this more realistic view of cognition should take in different areas of economic theory, and also of the desirable characteristics of models that incorporate it.
Original languageEnglish
Pages (from-to)674-704
Number of pages31
JournalJournal of Economic Surveys
Issue number4
Early online date20 Jan 2011
Publication statusPublished - Sept 2012


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