demonstrates that bounded institutions are a promising institutional
the distinction between bounded and unbounded institutions.
Part IV concludes by arguing that the virtues of bounded institutions
may be underappreciated and that bounded institutions themselves may be
The Appendix explores a formal economic model of bounded and
imposes a bounded budget, then the NSF must stick to that budget; it
In the article 'Modelling as learning: a consultancy methodology' Lane explicitly addresses the idea of bounded rationality: 'the "Principle of Bounded Rationality" must be included if we are not to drift off once more into models of abstracted and unreal systems' (Lane, 1992, p.
Dyner and Franco explicitly discuss the concept of bounded rationality in the context of an application of the system dynamics approach in the article 'Bounded rationality and the SD approach for energy modelling' (Dyner and Franco, 2000; see also Dyner and Franco, 2004).
As can be seen, Morecroft's articles formed the basis of an explicit consideration of the concept of bounded rationality in system dynamics.
TWO PERSPECTIVES ON BOUNDED RATIONALITY IN SYSTEM DYNAMICS
Explicit references to bounded rationality in the system dynamics literature argue that bounded rational decision making needs to be represented in system dynamics models because of the need to increase external validity.
Content View: Bounded Rationality Represented in the Model