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Herbert A. Simon's Nobel Prize was for his contributions to what theory in economics?

  • Monetary theory

  • Game theory

  • Supply and demand theory

  • Decision-making theory

Answer

Decision-making theory forms the foundation of Herbert A. Simon's Nobel Prize-winning work in economics. This theory challenges the traditional assumption of perfect rationality, acknowledging the limitations and cognitive biases that influence human decision-making processes. Simon's groundbreaking research established a more realistic and human-centered approach to understanding economic behavior, leading to significant advancements in fields such as bounded rationality, satisficing, and organizational decision-making.
The Multifaceted Mind of Herbert A. Simon: An Engaging Quiz on his Remarkable Contributions

The Multifaceted Mind of Herbert A. Simon: An Engaging Quiz on his Remarkable Contributions

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