Satisficing, maximizing, and bounded rationality

It is often argued that maximizing normative theories are inappropriate for bounded agents. I argue that leading motivations for theories of bounded rationality are substantially compatible with some traditional maximizing normative theories. This finding expands the audience for theories of bounded rationality by making room for advocates of maximizing normative theories, and has implications for knowledge-action principles, the relationship between descriptive and normative theorizing, and the definitions of central tenets of bounded rationality.