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Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumption enables economics to predict a great deal of behavior (correctly or incorrectly) without ever making empirical studies of human actors.

— Herbert A. Simon Simon (1990)

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More quotes by Herbert A. Simon

The function of knowledge in the decision-making process is to determine which consequences follow upon which of the alternative strategies.

The criterion of efficiency dictates that choice of alternatives which produces the largest result for the given application of resources.

The behaviour of individuals is the tool with which the organisation achieves its targets.

Decision making processes are aimed at finding courses of action that are feasible or satisfactory in the light of multiple goals and constraints.

We need to augment and amend the existing body of classical and neoclassical economic theory to achieve a more realistic picture of economic process.

Herbert A. Simon (1986)

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Quote text and notes from Wikiquote: Herbert A. Simon (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.