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Cognitive Procedures and Hyperbolic Discounting

Nir, A. - Tilburg University, Center for Economic Research - 2004

"Hyperbolic discount functions are characterized by a relatively high discount rate over short horizons and a relatively low discount rate over long horizons" (Laibson 1997).We suggest two cognitive procedures where individuals perceive future utility as decreasing at a decreasing rate as a...

Persistent link: https://www.econbiz.de/10011090635

Asian Disease-type of Framing of Outcomes as an Historical Curiosity

Jullien, Dorian - Groupe de REcherche en Droit, Économie, Gestion … - 2013

This paper discusses the ways by which a certain type of behavioral deviation from expected utility theory has been handled by psychologists and economists. With respect to the historical background of decision theory in economics, it is argued that there are good reasons for more theoretical...

Persistent link: https://www.econbiz.de/10010860430

Bounded-Rational Behavior by Neural Networks in Normal Form Games

Zizzo, Daniel John; Sgroi, Daniel - Department of Economics, Oxford University - 2001

This paper presents a neural network model developed to simulate the endogenous emergence of bounded-rational behavior in normal-form games. There exists an algorithm which, if learnt by a neural network, would enable it to perfectly select Nash equilibria in never before seen games. However,...

Persistent link: https://www.econbiz.de/10010605217

Strategy Learning in 3x3 Games by Neural Networks

Sgroi, D.; Zizzo, D. J. - Faculty of Economics, University of Cambridge - 2002

This paper presents a neural network based methodology for examining the learning of game-playing rules in never-before seen games. A network is trained to pick Nash equilibria in a set of games and then released to play a larger set of new games. While faultlessly selecting Nash equilibria in...

Persistent link: https://www.econbiz.de/10005489367

¿Los experimentos pueden falsear la teoría de la utilidad esperada?

Hodgson, Geoffrey M. - In: Revista de Economía Institucional 6 (2004) January-June, pp. 17-45

rationality or expected utility-maximization are potentially falsifiable by empirical tests. This article contests this assumption … rationality postulates, are potentially universal. Hence they can embrace any empirical phenomenon. That is both their strength …

Persistent link: https://www.econbiz.de/10005697816

Reference-dependent preferences : rationality, mechanism and welfare implications.

Giraud, Raphaël - Maison des Sciences Économiques, Université Paris 1 … - 2004

preferences are reference-dependent? As to the first question, we characterize three notions of rationality to assess the … rationality of RDP and show that there is a sense in which they are rational. As to the second, we show that the effect of a …

Persistent link: https://www.econbiz.de/10005510665

Preferences under ignorance

Gossner, Olivier; Kuzmics, Christoph - 2015

A decision maker (DM) makes choices from different sets of alternatives. The DM is initially fully ignorant of the payoff associated to each alternative, and learns these payoffs only after a large number of choices have been made. We show that, in the presence of an outside option once payoffs...

Persistent link: https://www.econbiz.de/10011344408

Preferences under ignorance

Gossner, Olivier; Kuzmics, Christoph - 2017

Persistent link: https://www.econbiz.de/10012199897

Rethinking nudge : not one but three concepts

Mongin, Philippe; Cozic, Mikaël - 2017

slightly altering choice conditions (here nudge 1), they use rationality failures instrumentally (here nudge 2), and they …

Persistent link: https://www.econbiz.de/10011741579

RATIONALITY AND CHOICES IN ECONOMICS: BEHAVIORAL AND EVOLUTIONARY APPROACHES

GRAZIANO, Mario; SCHILIRO, Daniele - In: Theoretical and Practical Research in Economic Fields II (2011) 2, pp. 183-196

The paper critically discusses the issue of rationality and choices in economics in both the behavioural and … the analysis of economic choices, showing the limits of rationality. On the other hand, the work offers a reinterpretation … single and undifferentiated thought, locked into the idea of perfect rationality, but, on the opposite, is a discipline that …

Persistent link: https://www.econbiz.de/10009653234

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