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GEOG 3210 (12)
Lecture

September 27.docx

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Department
Geography
Course Code
GEOG 3210
Professor
Tom Johnston

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September 27, 2013 Adoption of the “Behavioral” Approach • Economically sub­optimal decision o Buying a truck because it suits you, rather then a cost­ effective car o Going to school over working in the oil patch What do we do when we encounter a problem that is not easily  explained on the basis of existing knowledge? 1. Was the problem appropriately specified? 2. Did we use the appropriate theory to draw our hypotheses? 3. Did we collect our data correctly? 4. Maybe our theory (or the assumptions underlying our theory)  needs to be questioned? Simon’s Satisficing Theory and Bounded Rationality • Central elements in Simon’s critique of “economic rationalism” o Economically sub­optimal decisions are not non­rational  decisions o Decision makers lack the cognitive capacity and other resources (time,  money) to collect and process the information necessary to make the  “best” choice o Bounded rationality = selecting the best option available o Decisions are made with reference to multiple considerations­ some of  which conflict Julian Wolpert, 1964 • “Economic Man is free from the multiplicity of goal and imperfect knowledge  which introduce complexity into our own decision behavior” • “Economic Man has a single profit goal, omniscient powers of perception,  reasoning, and computation, and is blessed with perfect predictive abilities.” • “as a group, the sample population does not achieve profit maximizatio
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