Law of Requisite Parsimony: Difference between revisions
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bounded rationality | bounded rationality | ||
Bounded rationality is the idea that in decision-making, rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. | |||
Revision as of 03:26, 8 November 2015
On the meaning of the term parsimony
Merriam-Webster defines parsimony as the quality of being very unwilling to spend money. In the context of discussing complex problems, the meaning is about being careful not to overload the cognitive abilities of the participants. The Greek term that best fits the meaning is φειδώ (Example: Η κατανάλωση νερού και ρεύματος, πρέπει να γίνεται με φειδώ).
Miller 1956
Warfield 1988
bounded rationality Bounded rationality is the idea that in decision-making, rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision.
