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==Origins==

==Origins==

The term was coined by [[Herbert A. Simon]]. In ''Models of Man'', Simon points out that most people are only partly rational, and are irrational in the remaining part of their actions. In another work, he states "boundedly rational agents experience limits in formulating and solving complex problems and in processing (receiving, storing, retrieving, transmitting) [[information]]".<ref>[[Oliver E. Williamson]], p.&nbsp;553, citing Simon.</ref> Simon describes a number of dimensions along which "classical" models of rationality can be made somewhat more realistic, while sticking within the vein of fairly rigorous formalization. These include:

The term was coined by [[Herbert A. Simon]]. In ''Models of Man'', Simon points out that most people are only partly rational, and are irrational in the remaining part of their actions. In another work, he states "boundedly rational agents experience limits in formulating and solving complex problems and in processing (receiving, storing, retrieving, transmitting) [[information]]".<ref>[[Oliver E. Williamson]], p.&nbsp;553, citing Simon.</ref> Simon describes a number of dimensions along which "classical" models of rationality can be made somewhat more realistic, while sticking within the vein of fairly rigorous formalization. These include: