Bounded Rationality: a Realistic Approach to the Decision Process in a Social Environment Racionalidad Acotada: Una Aproximación Realista En La Toma De Decisiones En Un Ambiente Social

In this paper the argument that the methodological tools offered by the Bounded Rationality Theory are better suited for the study of the decision-making by agents in social contexts than those offered by the Rational Choice Theory will be studied. Mainly the realistic characteristics of both theories will be established. It has been said, for instance, that the explanation of the individual decisions offered by the Rational Choice Theory is unrealistic in that, it does not reflect the way in which real agents take their decisions. It has also been said that the basic assumptions and premises behind this theory are fundamentally unrealistic. This criticism will specifically be the main objective of the first part of this paper. First, a brief outline of the basic assumptions and premises behind Rational Choice Theory will be provided, which is also the main aspect of the claim of unrealism. This latter criticism will be the main objective of research in order to show, in a second article, the virtues of Bounded Rationality Theory as a better methodological tool.