Axiomempiricalv1AX-172
Human beings make decisions under conditions of incomplete…
Human beings make decisions under conditions of incomplete information, limited time, and cognitive constraints rather than as omniscient rational optimizers.
Why This Is an Axiom
This is Simon's concept of bounded rationality, described as 'the recognition that human beings are not the omniscient, utility-maximizing rational agents that classical economics assumed.' This is an empirical axiom about how human decision-making actually works, established through research. It cannot be derived from other axioms—it's a foundational claim about cognitive reality.