Foundations of boundedly rational choice and satisficing decisions (Q1958424)

Summary: Formally, the orthodox rational agent's ``Olympian'' choices, as Simon has called orthodox rational choice, are made in a static framework. However, a formalization of consistent choice, underpinned by computability, suggests by, satisficing in a boundedly rational framework is not only more general than the model of ``Olympian'' rationality, it is also consistently dynamic. This kind of naturally process-oriented approach to the formalization of consistent choice can be interpreted and encapsulated within the framework of decision problems -- in the formal sense of metamathematics and mathematical logic -- which, in turn, is the natural way of formalizing the notion of human problem solving in the Newell-Simon sense.