Herbert A

Herbert A. Simon was the self-proclaimed, and proclaimed, “prophet of bounded rationality” (Simon 1996). It is beyond doubt that, in economics at least, the concept of bounded rationality is firmly associated with Simon’s name, and conversely, and that his authority is, time and again, used nowadays in a relatively more frequent fashion, by diverse strands in the field of economic science.This paper is composed, besides this introduction, of four more sections. The second section discusses the concept of bounded rationality aiming at defining it and at pointing some of its important characteristics. The third section presents the concept of procedural rationality so that, in fourth section, we can discuss the relation between these two general concepts of rationality advanced by Simon.