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Sargent versus Simon: bounded rationality unbound
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Journal Article
Sargent versus Simon: bounded rationality unbound
1997
Overview
Sargent called his latest venture Bounded Rationality in Macroeconomics and tried to make connections with Simon's programme of bounded rationality and artificial intelligence. The irony is that rational expectations theory, born from the same mother—Carnegie-Mellon University—as bounded rationality, after trying to kill her big sister, then apparently came around to embracing her in the person of Sargent. But was Simon's interpretation of bounded rationality the same as Sargent's? Did Simon and Sargent mean the same by artificial intelligence? Not quite. The different interests of Sargent and Simon resulted in vastly different interpretations of bounded rationality and artificial intelligence.
