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In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized...
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Computer Science. Bounded rationality, satisficing and heuristic search are just a few of his seminal ideas that pioneered … subjective expected utility theory and Bayesian theory, chapters discuss how he instead promoted the development of empirically …
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Rethinking rationality / Gerd Gigerenzer and Reinhard Selten -- What is bounded rationality? / Reinhard Selten -- The … -- Evolutionary adaptation and the economic concept of bounded rationality--a dialogue / Peter Hammerstein -- Group report : Is there … learning, and preparedness as mechanisms of bounded rationality / Kevin N. Laland -- Decision making in superorganisms : how …
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, and the management of bounded rationality and its evolutionary consequences. Clem Tisdell successfully combines recent … developments in learning and game theory, transaction costs and evolutionary economics to provide new insights into economic and … organizations. Bounded Rationality and Economic Evolution will be of particular use to economists, academics in management, business …
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