March and Simon

Herbert Simon was a cognitive scientist and economist who studied decision-making and problem-solving. He introduced the concept of "bounded rationality," suggesting that humans make satisfactory, rather than optimal, choices due to limited info and cognitive capacity. James March, a scholar in organizational behavior and political science, collaborated with Simon and focused on how organizations and individuals operate in complex environments. Together, their work explains that decision-makers often simplify problems and rely on heuristics, rather than exhaustive analysis, highlighting the realistic constraints of human cognition in economic and organizational settings.