economic theory suggests to solve the decision problem. But since real decision makers can hardly be expected to behave …In this paper I consider a complex decision problem where subjects have to cope with a time horizon of uncertain … according to the theoretical solution in the problem at hand, I describe several heuristics or rules of thumb and investigate …

Deriving advice that can in fact be utilized by boundedly rational decision makers is a central function of modeling … choice making. We illustrate why this role is not being fulfilled well by standard models of full rationality and that … theories of bounded rationality are needed not only for better predictions, but also for developing better advice. Our main …

that are well known from game theory and evolutionary game theory to solve these games. For illustration we include two …

these changes. Households therefore often rely on simple heuristics when deciding what to consume, e.g. in the form of a … commodities as food items. Using utility functions we can measure the welfare loss, caused by such heuristics, and to what extent …

This paper investigates the behaviour in repeated decision situations. The experimental study shows that subjects show … low or no risk-aversion, but put very high value on the opportunity to sell the lottery in every stage of the decision … behaviour ; decision-making experiments …