Bounded Rationality and the History of Knowledge

A Frontier in the History of Knowledge

In September 2021, Peter Burke gave a talk at Lund University in which he spoke about the challenges that historians of knowledge face as we attempt to understand not only what was known in the past, but what people did with their knowledge. One approach to this puzzle, he suggested, lies in studying decision-making. If we assume that people have at least some control over their actions, then decisions are among the most significant, and common, situations in which what we know interacts with what we do. Decision-making is, thus, not only a proper subject for political or economic historians but also for historians of knowledge. If we are to pursue this insight, we must either develop tools of our own for studying decision-making, or borrow existing tools from adjacent disciplines. Considering the tools available for investigating these subjects, Burke said, he was most attracted to bounded rationality. But what is bounded rationality, and how can we apply it to our research?

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