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...

The authors adapt modern control theoretic techniques based on robust control theory to economic modelling and decision making. The main motivation behind the proposed approach is that concern about model misspecification in economics leads to decision strategies that work over the set of nearby...

Main description: Individuals and families make key decisions that impact many aspects of financial stability and determine the future of the economy. These decisions involve balancing current sacrifice against future benefits. People have to decide how much to invest in health care, exercise,...