Oil on canvas (60 x 49.5cm) Summer Institute on Bounded Rationality 2015 – Tribute Painting Max Planck Institute for Human Development, Berlin (Germany) Private Collection
A pair of metallic scissors suspended in the air. Why?
There is a concept in our field of research that we call bounded rationality, which is the idea that when individuals make decisions, their rationality is limited by the available information, the tractability of the decision problem, the cognitive limitations of their minds and the time available to make the decision. Decision-makers in this view act as satisficers, seeking a satisfactory solution rather than an optimal one. Herbert A. Simon, a leading academic in the field used the analogy/metaphor of a pair of scissors, where one blade represents “cognitive limitations” of actual humans and the other the “structures of the environment”, illustrating how minds compensate for limited resources by exploiting known structural regularity in the environment.
© Albert Barqué-Duran. 2016. All rights reserved.