Modeling bounded rationality in economics This paper surveys the economic models of bounded rationality. The different models are arrayed along two dimensions, with one axis opposing perfect rationality to bounded rationality, and the other axis opposing systemic rationality to calculated rationality. Six groups of models are contrasted: satisfying models, cost models, reliability models, automaton models, learning models, and evolutionary models. Whereas the first three groups of models belong to decision theory, the last three ones belong to game theory. The conclusion addresses an important question: the relation between optimization theory and bounded rationality. To answer this question, the distinction between procedural rationality ...