Similar Search Results

Axiomatizing bounded rationality: the priority heuristic

Drechsler, Mareile; Katsikopoulos, Konstantinos; … - In: Theory and Decision 77 (2014) 2, pp. 183-196

of using empirical evidence on heuristics. The priority heuristic predicts actual human choices between risky gambles … fourfold pattern of risk taking and the reflection effect. We present an axiomatization of a parameterized version of the … heuristic which generalizes the heuristic in order to account for individual differences and inconsistencies. The axiomatization …

Persistent link: https://www.econbiz.de/10010988747

One-reason decision-making: Modeling violations of expected utility theory

Katsikopoulos, Konstantinos; Gigerenzer, Gerd - In: Journal of Risk and Uncertainty 37 (2008) 1, pp. 35-56

Persistent link: https://www.econbiz.de/10005709699

Axiomatization of a Preference for Most Probably Winner

Blavatskyy, Pavlo - Center for Economic Research and Graduate Education and … - 2004

In binary choice between discrete outcome lotteries, an individual may prefer lottery L1 to lottery L2 when the probability that L1 delivers a better outcome than L2 is higher than the probability that L2 delivers a better outcome than L1. Such a preference can be rationalized by three standard...

Persistent link: https://www.econbiz.de/10005146554

Models of bounded rationality

Simon, Herbert Alexander

Persistent link: https://www.econbiz.de/10004501150

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

Bounded rationality : Problemlösung bei kognitiven Beschränkungen des Individuums und Komplexität der Umwelt

Dörenbach, Wilfried - 1982

Persistent link: https://www.econbiz.de/10004047869

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

On the use of heuristics to approximate competitors’ private information

Lin, C.-Y. Cynthia; Muehlegger, Erich J. - In: Journal of Economic Behavior & Organization 86 (2013) C, pp. 10-23

Firms often lack knowledge of the nature of the uncertainty they or their opponents face and use heuristics or … profits are greater when all firms use heuristics than when all firms use the full information. Our results provide insight …

Persistent link: https://www.econbiz.de/10011048189

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

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