Herbert A. Simon: Nobel Prize in Economic Sciences, 1978

In 1978, Herbert A. Simon won the Nobel Prize in Economic Sciences, the same Nobel won by Daniel Kahneman in 2002. Simon's work in fact paved the way for Kahneman's Nobel. Although trained in political science and economics rather than psychology, Simon applied psychological ideas to econo...

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Bibliographic Details
Published in:The American psychologist 2003-09, Vol.58 (9), p.753-755
Main Author: Leahey, Thomas H
Format: Article
Language:English
Subjects:
Achievement
Awards
Behavioral Research - history
Behavioural sciences
Biography
Daniel Kahneman
Decision Making
Decision Theory
Economic research
Economics
Economics - history
Economists
Herbert Simon
History
History, 20th Century
Human
Humans
Male
Mental Processes
Models, Psychological
Nobel Prize
Nobel prizes
Political science
Psychological aspects
Psychology
Psychology - history
Rationality
Simon
Simon, Herbert A
Simon, Herbert Alexander
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Summary:In 1978, Herbert A. Simon won the Nobel Prize in Economic Sciences, the same Nobel won by Daniel Kahneman in 2002. Simon's work in fact paved the way for Kahneman's Nobel. Although trained in political science and economics rather than psychology, Simon applied psychological ideas to economic theorizing. Classical and neoclassical economic theories assume that people are perfectly rational and strive to optimize economic outcomes. Simon argued that human rationality is constrained, not perfect, and that people seek satisfactory rather than ideal outcomes. Despite his Nobel, Simon felt isolated in economics and ultimately moved into psychology. Nevertheless, his ideas percolated through the economic community, so that Kahneman, whose research advanced Simon's broad perspective, could be the psychologist who won the Nobel in economics.
ISSN:0003-066X
1935-990X
DOI:10.1037/0003-066X.58.9.753