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Models of bounded rationality
Simon, Herbert Alexander
Persistent link: https://www.econbiz.de/10004501150
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Bounded rationality : Problemlösung bei kognitiven Beschränkungen des Individuums und Komplexität der Umwelt
Dörenbach, Wilfried - 1982
Persistent link: https://www.econbiz.de/10004047869
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Sind Unternehmensplanspiele ein geeignetes Instrument zur Analyse begrenzter Rationalität und tatsächlichen Entscheidungsverhaltens?
Mußhoff, Oliver; Hirschauer, Norbert; Hengel, Philipp - In: Journal of International Agricultural Trade and Development 60 (2011) 3
Politik hat vielfach zum Ziel, das Verhalten von Wirtschaftssubjekten durch eine Veränderung der Rahmenbedingungen zu steuern. Bei der Politikfolgenabschätzung müssen deshalb Voraussagen gemacht werden, wie Menschen sich an veränderte ökonomische Bedingungen anpassen. Eine wichtige...
Persistent link: https://www.econbiz.de/10011143123
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Do consumers prefer offers that are easy to compare? An experimental investigation.
Crosetto, Paolo; Gaudeul, Alexia - Volkswirtschaftliche Fakultät, … - 2012
Abstract Firms can exploit consumers' mistakes when facing complex purchasing decision problems but Gaudeul and Sugden (2012) argue that if at least some consumers disregard offers that are difficult to compare with others then firms will be forced into adopting common ways to present their...
Persistent link: https://www.econbiz.de/10011260766
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Do consumers prefer offers that are easy to compare? An experimental investigation
Crosetto, Paolo; Gaudeul, Alexia - Volkswirtschaftliche Fakultät, … - 2012
make choice easier. We design an original experiment to identify consumers’ choice heuristics in the lab. Subjects are …
Persistent link: https://www.econbiz.de/10009647470
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Decision Making: Between Rationality and Reality
Polic, Marko - In: Interdisciplinary Description of Complex Systems - … 7 (2009) 2, pp. 78-89
in the complex environment. Gigerenzer showed how heuristics help in this process. …
Persistent link: https://www.econbiz.de/10008497542
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Satisficing: A 'Pretty Good' Heuristic
Bendor, Jonathan; Kumar, Sunil; Siegel, David - In: Advances in Theoretical Economics 9 (2009) 1, pp. 1478-1478
One of the best known ideas in the study of bounded rationality is Simon's satisficing; yet we still lack a standard formalization of the heuristic and its implications. We propose a mathematical model of satisficing which explicitly represents agents' aspirations and which explores both...
Persistent link: https://www.econbiz.de/10005046341
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Behavioural Anomalies, Bounded Rationality and Simple Heuristics
Basov, Suren; Blanckenberg, Liam; Gangadharan, Lata - Department of Economics, Faculty of Business and Economics - 2007
rise to such learning processes. Evolutionary dynamics implies that individuals use heuristics to adjust their choices in … building a model of evolutionary selection relevant to heuristics. We show that in addition to explaining the origin of …
Persistent link: https://www.econbiz.de/10005587746
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Investment decisions, equivalent risk and bounded rationality
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
The Net Present Value maximizing model shows fallacies and inconsistencies that may be easily unmasked by performing a cognitive analysis of the decision-making process implied by the maximization problem. The model may be conveniently rescued if the maximizing version of the criterion is shunt...
Persistent link: https://www.econbiz.de/10005619621
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Reconstructing a Computable and Computationally Complex Theoretic Path Towards Simon's Behavioural Economics
Kao, Ying-Fang; Velupillai, K. Vela - Dipartimento di Economia e Management, Università … - 2012
This paper aims to interpret and formalize Herbert Simon's notions of bounded rationality, satisficing and heuristics … in terms of computability theory and computational complexity theory. Simon's theory of human problem solving is analysed … makers and heuristics are the procedures used for achieving their goals. In such decision problems, it is demonstrated that …
Persistent link: https://www.econbiz.de/10010598096