Royal Swedish Academy of Sciences
Swedish academy that awards the Nobel Memorial Prize in Economic Sciences, which Herbert Simon received in 1978 for bounded rationality research.
1 milestone
Herbert A. Simon Awarded Nobel Memorial Prize in Economic Sciences for Bounded Rationality
In 1978, Herbert A. Simon of Carnegie Mellon University received the Nobel Memorial Prize in Economic Sciences for his theory of bounded rationality, which holds that human decision-making seeks satisfactory rather than optimal solutions owing to cognitive and informational constraints.