neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

particular violation of the Full Information Rational Expectations hypothesis that requires explanation. In contrast, minor …

inferential expectations. If a belief is overturned through the build-up of evidence, agents are assumed to switch to the rational … expectation. Thus, rational expectations is a special case of inferential expectations if agents are unconcerned about mistakenly … an individual choice experiment showing preliminary support for inferential expectations in comparison to either rational …

The notion of optimized rational behavior in the formation of expectations is used in this note to study the dynamics …, the selection of an optimal degree of rationality may lead to the generation of long-term endogenous fluctuations. …

The concept of adaptive rationality as a characteristic of economic behavior viewed in the framework of evolution of … institutions is proposed in the paper. The analysis of the most important approaches to rationality in the economic theory has … allowed identifying the special nature of adaptive rationality and its manifestations at various levels of the economic …

Evolutionary game theory provides a fresh perspective on the prospects that agents with heterogeneous expectations … conditions where agreement on a unique forecast is stable, but also show that persistent heterogeneous expectations can arise if …