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In page Herbert A. Simon:

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Simon was also known for his research on industrial organization.[3] He determined that the internal organization of firms and the external business decisions thereof, did not conform to the neoclassical theories of "rational" decision-making.[citation needed] Simon wrote many articles on the topic over the course of his life, mainly focusing on the issue of decision-making within the behavior of bounded rationality". "Rational behavior, in economics, means that individuals maximize their utility function under the constraints they face (e.g., their budget constraint, limited choices, ...) in pursuit of their self-interest. This is reflected in the theory of subjective expected utility. Theories of bounded rationality relax one or more assumptions of standard expected utility theory".[4]