The information inelasticity of habits: Kahneman’s bounded rationality or Simon’s procedural rationality?
<p>Why would decision makers (DMs) adopt heuristics, priors, or in short “habits” that prevent them from optimally using pertinent information—even when such information is freely-available? One answer, Herbert Simon’s “procedural rationality” regards the question invalid: DMs do not, and in f...
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2022
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