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The ancillary hypothesis of unbounded rationality has dominated economic modelling for several decades. This extreme assumption has been relaxed in a fast growing literature under different headings: new institutional economics, experimental economics (E.E.), or behavioral and evolutionary...
Persistent link: https://www.econbiz.de/10005706669
In this paper we show that simple cognitive learning models, in a Computational Organization set-up can predict very well the bargaining behaviour observed in laboratory experiments with human players. Economist are interested in bargaining because transactions are not determined by market...
Persistent link: https://www.econbiz.de/10005537559