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Random categorization and bounded rationality
Aguiar, Victor H. - 2016 - This version: August 2016
In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized...
Persistent link: https://www.econbiz.de/10011526886
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Integration of limited attention in economic theory
Rafaï, Ismaël - 2019
Persistent link: https://www.econbiz.de/10012489614
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Limited attention in case-based belief formations
Bleile, Jörg - 2014
An agent wants to derive her belief over outcomes based on past observations collected in her database (memory). There is well establish evidence in the psychology and marketing literature that agents consistently fail (or choose not) to process all available information. An agent might be...
Persistent link: https://www.econbiz.de/10010403098
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Preference dynamics : a procedurally rational model of time and effort allocation
Krecik, Markus - 2024
Current time allocation and household production models face three major weaknesses: First, they only describe the average time allocation. Thus, information about the order of activities is lost. Therefore, it is impossible to describe the influence of activities on later ones. Such...
Persistent link: https://www.econbiz.de/10014480143
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Evolutionary economics and household behavior
Horioka, Charles - 2014
This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of … evolutionary theory of household behavior is to improve upon the neoclassical theory of household behavior by replacing the … neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
Persistent link: https://www.econbiz.de/10010390070
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Evolutionary economics and household behavior
Horioka, Charles - 2014
This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of … evolutionary theory of household behavior is to improve upon the neoclassical theory of household behavior by replacing the … neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …
Persistent link: https://www.econbiz.de/10010390395
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Beyond quantified ignorance : rebuilding rationality without the bias bias
Brighton, Henry - 2019
theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a …If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …
Persistent link: https://www.econbiz.de/10011990913
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Statistical foundations of ecological rationality
Brighton, Henry - 2020
theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a …If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …
Persistent link: https://www.econbiz.de/10012159880
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What does economics assume about people's knowledge? : who knows?
Caleiro, António - 2007 - 1st version: April 15, 2007, this version: October 16, 2007
rationality behaviour by people. Quite recent developments in the Economics of Knowledge, i.e. the so-called learning models, have …
Persistent link: https://www.econbiz.de/10011502970
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The dynamics of inattention in the (baseball) field
Archsmith, James; Heyes, Anthony; Neidell, Matthew; … - 2021
Recent theoretical and empirical work characterizes attention as a limited resource that decision-makers strategically allocate. There has been less research on the dynamic interdependence of attention: how paying attention now may affect performance later. In this paper, we exploit...
Persistent link: https://www.econbiz.de/10012549756