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Perpetual rationality

May-1-2016

Lawyer Neill May
Area Corporate Finance and Securities

Summary

Article originally published in the Canadian Lawyer Magazine, May 2016

Excerpt from "Perpetual rationality":

"Bounded rationality" is an oddly named concept.  At a high level, the idea of bounded rationality is that people are limited in the actions they take by the information, time, and other resources that are reasonably available to them.  My typically oversimplified recollection of the common use of the term in law school is that contracts cannot possibly or practicably provide for every eventuality.  It’s a useful, consistent excuse with a fancy name.  What is odd about the label is the sense that somehow rationality is being constrained, as if there is surplus rationality waiting to burst the bonds that bind it.  That has not been my experience.  I suppose I could take it upon myself to set about releasing that pent-up rationality on the world, but, really, who has the energy, especially when the playoffs are on TV.

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