Teachers and Bounded Decision Making Memo

12/09/03

Everyone should understand that information is limited and there are costs to collect, process, analyze and refine data. Bounded decisions are optimally imperfect. That the search for more information is a random process generally guided by some rule of thumb. Two people seeking the same information may end up deciding very differently based on the paths they take. They make the best use of information at hand. (Tisdell’s Bounded Rationality and Economic Evolution)

6/29/04

Teaching/Design/Engineering/Economic and Social Considerations/Decision-Making/Pedagogy