Models of bounded rationality describe how a judgement or decision is reached (that is, the heuristic processes or proximal mechanisms) rather than merely the outcome of the decision, and they describe the class of environments in which these heuristics will succeed or fail.
The Spanish voyager, as his caravel ploughed the adjacent seas, might give full scope to his imagination, and dream that beyond the long, low margin of forest which bounded his horizon lay hid a rich harvest for some future conqueror; perhaps a second Mexico with its royal palace and sacred pyramids, or another Cuzco with its temple of the Sun, encircled with a frieze of gold. Haunted by such visions, the ocean chivalry of Spain could not long stand idle.francis parkman
The triumphs of the warrior are bounded by the narrow theatre of his own age; but those of a Scott or a Shakspeare will be renewed with greater and greater lustre in ages yet unborn, when the victorious chieftain shall be forgotten, or shall live only in the song of the minstrel and the page of the chronicler.william h. prescott
Our Country,—whether bounded by the St. John's and the Sabine, or however otherwise bounded or described, and be the measurements more or less,—still our Country, to be cherished in all our hearts, to be defended by all our hands.robert charles winthrop
Although our powers are great, they are not unlimited they are bounded by some lines of demarcation.abbott, charles, 1st baron tenterden
The term “bounded rationality” was coined in the 1950s by Herbert A. Simon.
The principle of bounded rationality [is] the capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world or even for a reasonable approximation to such objective rationality.
The first consequence of the principle of bounded rationality is that the intended rationality of an actor requires him to construct a simplified model of the real situation in order to deal with it. He behaves rationally with respect to this model, and such behavior is not even approximately optimal with respect to the real world. To predict his behavior we must understand the way in which this simplified model is constructed, and its construction will certainly be related to his psychological properties as a perceiving, thinking, and learning animal.
Information impactedness is a derivative condition that arises mainly because of uncertainty and opportunism, though bounded rationality is involved as well. It exists when true underlying circumstances relevant to the transaction, or related set of transactions, are known to one or more parties but cannot be costlessly discerned by or displayed for others.
[Duryodhana said:] This force of ours guarded by Bhishma is unbounded; although this force, of theirs – guarded by Bhima, is bounded.
Although our powers are great, they are not unlimited they are bounded by some lines of demarcation.
Each change of many-coloured life he drew, Exhausted worlds and then imagined new* Existence saw him spurn her bounded reign, And panting Time toil'd after him in vain.
Upon the gale she stoop'd her side, And bounded o'er the swelling tide, As she were dancing home; The merry seamen laugh'd to see Their gallant ship so lustily Furrow the green sea-foam.walter scott
It was the cooling hour, just when the rounded Red sun sinks down behind the azure hill, Which then seems as if the whole earth is bounded, Circling all nature, hush'd, and dim, and still, With the far mountain-crescent half surrounded On one side, and the deep sea calm and chill Upon the other, and the rosy sky With one star sparkling through it like an eye.lord byron
Our Country, whether bounded by the St. John's and the Sabine, or however otherwise bounded or described, and be the measurements more or less, still our Country, to be cherished in all our hearts, to be defended by all our hands.
The privilege of aiming at a merely mechanical method of explanation of all natural products is in itself quite unlimited; but the faculty of attaining thereto is by the constitution of our Understanding, so far as it has to do with things as natural purposes, not only very much limited but also clearly bounded. For, according to a principle of the Judgement, by this process alone nothing can be accomplished towards an explanation of these things; and consequently the judgement upon such products must always be at the same time subordinated by us to a teleological principle.Immanuel Kant