when the royal swedish academy of sciences awarded simon the nobel memorial prize in economics for his work in this area it noted that much of modern business economics and administrative research are based on his ideas 5 simon replaced the concept of the all knowing profit maximizing entrepreneur with the idea of cooperating decision makers within a company who face informational personal and social limitations 
herbert a simon and artificial intelligenceherbert a simon is considered a pioneer in the foundations of artificial intelligence in the mid 1950s simon and allen newell of the rand corporation attempted to simulate human decision making on computers in 1955 they wrote a computer program that was able to prove mathematical theorems the pair called it their machine that thinks 2