Bounded Rationality

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Mike Walsh - One of the best experts on this subject based on the ideXlab platform.

  • Bounded Rationality, capital budgeting decisions and small business
    Qualitative Research in Accounting & Management, 2020
    Co-Authors: Jaime A Morales Burgos, Markus G. Kittler, Mike Walsh
    Abstract:

    The purpose of this paper is to provide insight into the capital budgeting decision-making of Canadian and Mexican entrepreneurs in small businesses in the food sector. The objective is to understand the capital budgeting decisions through the lens of Bounded Rationality and how these decisions are affected by different (national) contexts.,This is a comparative study in which the use of constructivist grounded theory allowed deep conversations about capital budgeting decisions. Data was collected from forty semi-structured interviews with entrepreneurs/managers in two regions, Mexico and Canada.,Insights from this study suggest that entrepreneurs’ capital budgeting decisions are not only taken under conditions of Bounded Rationality but also suggest a prominent role of context in how Bounded Rationality is applied differently towards investment decisions.,While the findings cannot simply be generalized, exploring how capital budgeting decisions are made differently across two regional contexts adds to the understanding of the nexus of context, Bounded Rationality and capital budgeting decision-making.,Using a Bounded Rationality lens, this study contrasts and explains similarities and differences in the entrepreneur’s capital budgeting decision-making within small businesses. The insights add to the body of knowledge and help entrepreneurs to reflect on their approach to decision-making.,The paper uses a less commonly applied approach to understand two under-researched regional contexts. We use constructivist grounded theory to explore entrepreneurs’ capital budgeting decision-making in small businesses in two regions, Canada and Mexico. The comparative approach and the findings add to the understanding of decision-making, highlight the prominent role of context and also challenge some insights from previous research.

Tshilidzi Marwala - One of the best experts on this subject based on the ideXlab platform.

  • Flexibly-Bounded Rationality in Interstate Conflict
    Artificial Intelligence Techniques for Rational Decision Making, 2014
    Co-Authors: Tshilidzi Marwala
    Abstract:

    This chapter applies the theory of flexibly Bounded Rationality to interstate conflict. Flexibly Bounded Rationality is a theory that states that the bounds prescribed by Herbert Simon in his theory of Bounded Rationality are flexible. On contextualizing the theory of flexibly Bounded Rationality, inference, the theory of rational expectation, the theory of rational choice and the theory of rational conterfactuals are described. The theory of flexibly Bounded Rationality is applied for decision making process. This is done by using a multi-layer perceptron network and particle swarm optimization.

  • Flexibly-Bounded Rationality and Marginalization of IrRationality Theories for Decision Making.
    arXiv: Artificial Intelligence, 2013
    Co-Authors: Tshilidzi Marwala
    Abstract:

    In this paper the theory of flexibly-Bounded Rationality which is an extension to the theory of Bounded Rationality is revisited. Rational decision making involves using information which is almost always imperfect and incomplete together with some intelligent machine which if it is a human being is inconsistent to make decisions. In Bounded Rationality, this decision is made irrespective of the fact that the information to be used is incomplete and imperfect and that the human brain is inconsistent and thus this decision that is to be made is taken within the bounds of these limitations. In the theory of flexibly-Bounded Rationality, advanced information analysis is used, the correlation machine is applied to complete missing information and artificial intelligence is used to make more consistent decisions. Therefore flexibly-Bounded Rationality expands the bounds within which Rationality is exercised. Because human decision making is essentially irrational, this paper proposes the theory of marginalization of irRationality in decision making to deal with the problem of satisficing in the presence of irRationality.

  • Semi-Bounded Rationality: A model for decision making
    2013
    Co-Authors: Tshilidzi Marwala
    Abstract:

    In this paper the theory of semi-Bounded Rationality is proposed as an extension of the theory of Bounded Rationality. In particular, it is proposed that a decision making process involves two components and these are the correlation machine, which estimates missing values, and the causal machine, which relates the cause to the effect. Rational decision making involves using information which is almost always imperfect and incomplete as well as some intelligent machine which if it is a human being is inconsistent to make decisions. In the theory of Bounded Rationality this decision is made irrespective of the fact that the information to be used is incomplete and imperfect and the human brain is inconsistent and thus this decision that is to be made is taken within the bounds of these limitations. In the theory of semi-Bounded Rationality, signal processing is used to filter noise and outliers in the information and the correlation machine is applied to complete the missing information and artificial intelligence is used to make more consistent decisions.

Jaime A Morales Burgos - One of the best experts on this subject based on the ideXlab platform.

  • Bounded Rationality, capital budgeting decisions and small business
    Qualitative Research in Accounting & Management, 2020
    Co-Authors: Jaime A Morales Burgos, Markus G. Kittler, Mike Walsh
    Abstract:

    The purpose of this paper is to provide insight into the capital budgeting decision-making of Canadian and Mexican entrepreneurs in small businesses in the food sector. The objective is to understand the capital budgeting decisions through the lens of Bounded Rationality and how these decisions are affected by different (national) contexts.,This is a comparative study in which the use of constructivist grounded theory allowed deep conversations about capital budgeting decisions. Data was collected from forty semi-structured interviews with entrepreneurs/managers in two regions, Mexico and Canada.,Insights from this study suggest that entrepreneurs’ capital budgeting decisions are not only taken under conditions of Bounded Rationality but also suggest a prominent role of context in how Bounded Rationality is applied differently towards investment decisions.,While the findings cannot simply be generalized, exploring how capital budgeting decisions are made differently across two regional contexts adds to the understanding of the nexus of context, Bounded Rationality and capital budgeting decision-making.,Using a Bounded Rationality lens, this study contrasts and explains similarities and differences in the entrepreneur’s capital budgeting decision-making within small businesses. The insights add to the body of knowledge and help entrepreneurs to reflect on their approach to decision-making.,The paper uses a less commonly applied approach to understand two under-researched regional contexts. We use constructivist grounded theory to explore entrepreneurs’ capital budgeting decision-making in small businesses in two regions, Canada and Mexico. The comparative approach and the findings add to the understanding of decision-making, highlight the prominent role of context and also challenge some insights from previous research.

Markus G. Kittler - One of the best experts on this subject based on the ideXlab platform.

  • Bounded Rationality, capital budgeting decisions and small business
    Qualitative Research in Accounting & Management, 2020
    Co-Authors: Jaime A Morales Burgos, Markus G. Kittler, Mike Walsh
    Abstract:

    The purpose of this paper is to provide insight into the capital budgeting decision-making of Canadian and Mexican entrepreneurs in small businesses in the food sector. The objective is to understand the capital budgeting decisions through the lens of Bounded Rationality and how these decisions are affected by different (national) contexts.,This is a comparative study in which the use of constructivist grounded theory allowed deep conversations about capital budgeting decisions. Data was collected from forty semi-structured interviews with entrepreneurs/managers in two regions, Mexico and Canada.,Insights from this study suggest that entrepreneurs’ capital budgeting decisions are not only taken under conditions of Bounded Rationality but also suggest a prominent role of context in how Bounded Rationality is applied differently towards investment decisions.,While the findings cannot simply be generalized, exploring how capital budgeting decisions are made differently across two regional contexts adds to the understanding of the nexus of context, Bounded Rationality and capital budgeting decision-making.,Using a Bounded Rationality lens, this study contrasts and explains similarities and differences in the entrepreneur’s capital budgeting decision-making within small businesses. The insights add to the body of knowledge and help entrepreneurs to reflect on their approach to decision-making.,The paper uses a less commonly applied approach to understand two under-researched regional contexts. We use constructivist grounded theory to explore entrepreneurs’ capital budgeting decision-making in small businesses in two regions, Canada and Mexico. The comparative approach and the findings add to the understanding of decision-making, highlight the prominent role of context and also challenge some insights from previous research.

Barton L. Lipman - One of the best experts on this subject based on the ideXlab platform.

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