A general framework is described specifying how boundedly rational decision makers generate their choices. Starting from a "Master Module" which keeps an inventory of previously successful and unsuccessful routines several submodules can be called forth which either allow one to adjust behavior...

A general framework is described specifying how boundedly rational decision makers generate their choices. Starting from a Master Module which keeps an inventory of previously successful and unsuccessful routines several submodules can be called forth which either allow one to adjust behavior...

Unlike previous attempts to implement cooperation in a prisoners’ dilemma gamewith an infinite horizon in the laboratory, we focus on extended prisoners’ dilemmagames in which a second (pure strategy) equilibrium allows for voluntary cooperationin all but the last round. Our four main...

During the last three decades the ascent of behavioral economics clearly helped tobring down artificial disciplinary boundaries between psychology and economics.Noting that behavioral economics seems still under the spell of the rational choicetradition – and, indirectly, of behaviorism – we...

Bereits im Jahre 1980 wählte Horst Albach einen spieltheoretischen und experimentellökonomischenZugang zum Vertrauensproblem in der Ökonomik. Dieser Weg wird erneutbeschritten. Es wird aufgezeigt, dass neuere spieltheoretische und experimentelle Arbeitennicht nur die explanativen Grenzen des...

Economic intuitions concerning rational behaviour in interactive social situations are shaped byidealized models which are regarded as “approximately true”. But ideal models cannot be meaningfullydeemed approximately true unless asymptotically convergent processes imply them as limit cases....

Subjective payoffs that represent given preferences “all things considered” together withstrictly uncommitted opportunity taking cannot account for the behavior of personal actors. It is shown how agent basedapproaches can explicitly capture internal commitments of persons while sticking to...