The Department of Economics

The Emile Grunberg Lecture Series

First Grunberg Lecture - 1988

Herbert A. Simon Image
Professor Herbert A. Simon
Carnegie-Mellon University
Nobel Prize in Economics, 1978
"The Psychology of Scientific Discovery"

Professor Simon won the Nobel Prize for his research into the decision-making process within economic organizations. He proposed that individuals and organizations, possessing incomplete knowledge and facing unknown risks, set goals that represent reasonable levels of achievement rather than maximize profits or satisfaction. His further explorations into human reasoning have made major contributions to the fields of psychology, computer science, and artificial intelligence, as well as economics and administration.

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