Bounded rationality

Bounded rationality is the idea that in decision-making, rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make a decision. It was proposed by Herbert A. Simon as an alternative basis for the mathematical modeling of decision making, as used in economics, political science and related disciplines; it complements rationality as optimization, which views decision-making as a fully rational process of finding an optimal choice given the information available.[1] Another way to look at bounded rationality is that, because decision-makers lack the ability and resources to arrive at the optimal solution, they instead apply their rationality only after having greatly simplified the choices available. Some models of human behavior in the social sciences assume that humans can be reasonably approximated or described as "rational" entities (see for example rational choice theory). Origins[edit]

Rational choice theory Rationality is widely used as an assumption of the behavior of individuals in microeconomic models and analyses and appears in almost all economics textbook treatments of human decision-making. It is also central to some of modern political science,[2] sociology,[3] and philosophy. A particular version of rationality is instrumental rationality, which involves seeking the most cost-effective means to achieve a specific goal without reflecting on the worthiness of that goal. Definition and scope[edit] The concept of rationality used in rational choice theory is different from the colloquial and most philosophical use of the word. Early neoclassical economists writing about rational choice, including William Stanley Jevons, assumed that agents make consumption choices so as to maximize their happiness, or utility. Rational choice theorists do not claim that the theory describes the choice process, but rather that it predicts the outcome and pattern of choices. Formal statement[edit]

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Stages of PLN adoption David Warlick wrote a post the other day about being able to zip up or turn off your Personal Learning Network (PLN). I too have been thinking about how one goes about starting a PLN, how do you monitor it, and how do you learn to shut it off. We all continue to push teachers to start PLNs if they haven’t already. Learning from the collective knowledge of educators around the world. I have noticed an emerging trend of what one goes through when adopting a PLN for the first time. As I’ve helped others start their PLNs I have found that many of them go through these same stages. Stages of Personal Learning Networks Adoption Stage 1 Immersion: Immerse yourself into networks. Stage 2 Evaluation: Evaluate your networks and start to focus in on which networks you really want to focus your time on. Stage 3 Know it all: Find that you are spending many hours trying to learn everything you can. Stage 4 Perspective: Start to put your life into perspective. [tags]PLN[/tags]