Meet Herbert A. Simon – Complete Biography

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Herbert Simon primary research interest was decision-making within organizations and is best known for the theory of “bounded rationality” and the theory of “satisficing”.

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He applied psychology to statistics, operations, and decision-making scenarios to help define the process that people go through when formulating solutions to problems.

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Herbert Simon is known for his contribution to the fields of economics, social sciences, statistics, operations, mathematics, and psychology.

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He used psychology to understand the limited attention economy people have when making decisions.

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Herbert Simon won the Nobel Memorial Prize in Economics “for his pioneering research into the decision-making process within economic organizations”.

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