The Legacy of Herbert Simon in Economic Analysis

The Legacy of Herbert Simon in Economic Analysis

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 authoritative 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 optimising 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.

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

The Nobel Memorial Laureates in Economics

. . . this book will continue to share shelf-space next to my current textbooks. As a librarian, such utility makes this a desirable addition to any educator s collection. As a history of economic thought book, Vane and Mulhearn have brought together a breadth of information that can be found through disparate sources but at a cost of effort and, especially for students, qualitative decisions regarding sources. . . The convenience of their starting methodology, breadth over depth coverage, and clear intention of writing to an audience of students makes this a useful text. Kirk Douglas Johnson, Journal of the History of Economic Thought The essays summarizing the main achievements of the prize winners are well written and to the point. They are short enough that they never cause the reader to lose interest, but substantive enough to let you know what the winners accomplishments amount to. These compact, factually accurate essays mark the real value of the book as a reference work. . . there is little for which to fault the authors. Vane and Mulhearn have done a very nice job with the book, and it is an added bonus that it includes a formal portrait photograph of each prize winner. Bradley W. Bateman, History Political Economy . . . Vane and Mulhearn have produced a useful reference work. John Quiggin, Economic Analysis and Policy This collection has the capacity to surprise the reader. You learn all sorts of new and sometimes admirable things about these economists and about the richness of the profession that is often obscured from students of the subject. John Lodewijks, History of Economics Review This volume provides a non-technical description of the main published works of every Nobel Memorial (Economics) winner from the first annual award in 1969 to 2004 . . . This is a reference book par excellence . . . it will interest not only those having some involvement with economics, past or present, but it should also attract more general readers wanting to unravel some of the mysteries surrounding economics and economists. Economic Outlook and Business Review Vane and Mulhearn have produced an introduction to the careers and major publications of the 55 economists awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel between 1969 and 2004. The short essays on each economist are readable and accurate; they provide a discussion of the subjects, major contributions and an introduction to the secondary literature, often with the outstanding reports on the laureates work provided to the Economic Prize Committee of the Royal Swedish Academy of Sciences. The collection is introduced with a review of the prize and the common characteristics of the winners thus far, all neatly summarized in a table with each laureate s year and country of birth, university, year of first and higher degrees, affiliation at the time of the award, field of study, and a summary citation. This volume provides a very useful introduction to the development of economic ideas in the last three-quarters of the 20th century. Highly recommended. D.E. Moggridge, Choice Every serious research economist will want to have a look at this comprehensive work. Edwin Burmeister, Research Professor of Economics, Duke University, US The award of the Nobel Prize has, for more than thirty years, been economists way of informing the public at large about what work most of them think is important, and about who has done it. Anyone seeking to understand the development of recent economic ideas and the profession that has created them must deal with the Prize s history, and Vane and Mulhearn have provided an indispensable guide to it brief, readable and accurate. David Laidler, Professor Emeritus and Bank of Montreal Professor, University of Western Ontario, Canada This is a splendid account of the personal stories of the Nobel Laureates in Economics, the diversity of practice of recent economists, and, perhaps above all, the nature o

The Oxford Handbook of Management Theorists

The Oxford Handbook of Management Theorists

The Handbook will evaluate the ideas and influence of 25 major management theorists, examining their impact on the evolvement of management as a discipline. Chapters will review the contributions of these theorists in light of their contemporary context and each other, from the pioneers to post-war theorists and later business school theorists.

Explanation, Prediction, and Confirmation

Explanation, Prediction, and Confirmation

This volume, the second in the Springer series Philosophy of Science in a European Perspective, contains selected papers from the workshops organised by the ESF Research Networking Programme PSE (The Philosophy of Science in a European Perspective) in 2009. Five general topics are addressed: 1. Formal Methods in the Philosophy of Science; 2. Philosophy of the Natural and Life Sciences; 3. Philosophy of the Cultural and Social Sciences; 4. Philosophy of the Physical Sciences; 5. History of the Philosophy of Science. This volume is accordingly divided in five sections, each section containing papers coming from the meetings focussing on one of these five themes. However, these sections are not completely independent and detached from each other. For example, an important connecting thread running through a substantial number of papers in this volume is the concept of probability: probability plays a central role in present-day discussions in formal epistemology, in the philosophy of the physical sciences, and in general methodological debates---it is central in discussions concerning explanation, prediction and confirmation. The volume thus also attempts to represent the intellectual exchange between the various fields in the philosophy of science that was central in the ESF workshops.

Minds, Models and Milieux

Commemorating the Centennial of the Birth of Herbert Simon

Minds, Models and Milieux

This book is a collection of specially-commissioned chapters from philosophers, economists, political and behavioral economists, cognitive and organizational psychologists, computer scientists, sociologists and permutations thereof as befits the polymathic subject of this book: Herbert Simon. The tripartite of the title, Minds, Models and Milieux, connotes the three inextricably linked areas to which Herbert Simon made the most distinguished of contributions. 'Minds' connotes Simon's abiding interest in theorizing human behavior, rationality, and decision-making; 'Models' connotes his extensive computer simulation work in the service of his interest in understanding minds, but also in the service of minds that are situated in a complex social 'Milieux'. This collection while intended to commemorate the centenary of Simon's birth simultaneously offers a timely reassessment of some of his central insights and illustrates the exponentially growing interest in Simon's work from beyond the usual disciplines and constituencies.

Handbook of Decision Making

Handbook of Decision Making

Over time, thought processes and decision making styles evolved and were shaped by theological, philosophical, political, social, and environmental factors and trends. Recently, advances in technology have borne an unprecedented influence on our social environment. Contemporary thinking inevitably reflects this influence and moves us from a linear, cause -effect rationale to broader perspectives that encompass new methodologies and an understanding of networked and complex social relations. Handbook of Decision Making is the first text of its kind to include the mainstream methods and theories of decision making, describe the influence of theological and philosophical traditions, and offer contemporary scientific theories. Decision making styles and processes vary with context and no single theory is comprehensive enough to capture the complexity involved. The editor identifies common patterns and the variations that different contexts may generate. The text covers the mainstream methods of decision making such as cost-benefit analysis, linear programming, and queuing. It also explains alternative and emerging methods such as geographic information systems, Q-methodology, narrative policy analysis, methods of creative thinking, and conflict management. Practical applications of the methods discussed are illustrated by examples of decision making practices in budgeting, public administration, drug trafficking, and information systems. Handbook of Decision Making offers an understanding of decision making processes in a broader social context, which will enable decision makers to find the best methods for a given circumstances.

Models of a Man

Essays in Memory of Herbert A. Simon

Models of a Man

Herbert Simon (1916-2001), in the course of a long and distinguished career in thesocial 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 ineconomics for his research into the decision-making process within economic organizations. Hiswell-known book The Sciences of the Artificial addresses the implications of the decision-making andproblem-solving processes for the social sciences.This book (the title is a variation on the titleof Simon's autobiography, Models of My Life) is a collection of short essays, all original, bycolleagues from many fields who felt Simon's influence and mourn his loss. Mixing reminiscence andanalysis, the book represents "a small acknowledgment of a large debt."Each of the more than fortycontributors was asked to write about the one work by Simon that he or she had found mostinfluential. The editors then grouped the essays into four sections: "Modeling Man," "Organizationsand Administration," "Modeling Systems," and "Minds and Machines." The contributors include suchprominent figures as Kenneth Arrow, William Baumol, William Cooper, Gerd Gigerenzer, DanielKahneman, David Klahr, Franco Modigliani, Paul Samuelson, and Vernon Smith. Although they considertopics as disparate as "Is Bounded Rationality Unboundedly Rational?" and "Personal Recollectionsfrom 15 Years of Monthly Meetings," each essay is a testament to the legacy of Herbert Simon -- tosee the unity rather than the divergences among disciplines.

The Legacy of Robert Lucas, Jr

The Legacy of Robert Lucas, Jr

This major three volume collection celebrates the legacy of Robert E. Lucas, Jr., winner of the Nobel Memorial Prize in Economic Science in 1994, founder of the New Classical School and one of the most influential macroeconomists of the late twentieth century. The Legacy of Robert Lucas, Jr. presents the eleven most influential articles on macroeconomics by Robert Lucas, Jr. together with articles by a wide variety of other key economists who extend, develop, criticize, or are otherwise significantly influenced by Lucas's seminal ideas.

Pattern in Corporate Evolution

Pattern in Corporate Evolution

Questions relating to the existence and nature of firms have become major issues in economics in recent years. In this major new work, Neil Kay provides original explanations for many individual phenomena in this area. The analysis is set in the context of an integrative framework foranalysing the boundaries and structure of the firm.The book analyses the firm as a complex system in which links composed of shared resources constitute basic building blocks. The evolution of the firm from simple beginnings to complex system is then studied in a number of areas, including vertical integration, diversification, multi- nationalenterprise, joint venture, alliance, network, and internal organization.Neil Kay's analysis advances current theories of the firm and will be essential reading for students and academics in the areas of business economics, strategic management, and organization theory.