"One is forced to assume that ordinary people have the computational capabilities and statistical software of econometricians."

“The classical support for as-if models in the social sciences stems from the economist Milton Friedman , who, like the psychologist B. F. Skinner, saw little value in modeling cognitive processes. In contrast, our aim is to understand actual decision processes, not only the outcomes. There is a good reason for this. Without modeling the cognitive blade of Simon's scissors, it is utterly impossible to determine in what environments heuristics succeed, that is, their ecological rationality.”

“Risk-savvy citizens are indispensable pillars of a society that is ready for positive liberty.”

“Models of bounded rationality describe how a judgement or decision is reached rather than merely the outcome of the decision, and they describe the class of environments in which these heuristics will succeed or fail.”