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How to cope with (new) uncertainties : a bounded rationality approach
Güth, Werner; Kliemt, Hartmut - 2015
view. Though models of substantive rationality cannot serve as guidance for decision-making under uncertainty, we can …
Persistent link: https://www.econbiz.de/10011283827
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The Anatomy of Error in Decision-Making of Rationally Behaving Agents from the Perspective of the Theory of Bounded Rationality : Extension for Contextual Games
Otáhal, Tomáš; Valenčík, Radim - 2012
How can errors in decision-making by rationally behaving individuals be explained? The concepts of bounded rationality …-making, some results must be explained by questioning the rationality assumption. In this paper, we show that erroneous decision …
Persistent link: https://www.econbiz.de/10014173109
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Rational Belief Bubbles
Sohn, H. - 2018
We propose an extension of the class of rational expectations bubbles (REBs) to the more general rational beliefs setting of Kurz (1994a,b). In a potentially non-stationary but stationarizable environment, it is possible to hold more than one (small-r) “rational” expectation. When rational...
Persistent link: https://www.econbiz.de/10012919580
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A Theory of Procedurally Rational Choice: Optimization without Evaluation
Ficco, Stefano; Karamychev, Vladimir; van Reeven, Peran - 2006
This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...
Persistent link: https://www.econbiz.de/10010325206
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A Theory of Procedurally Rational Choice: Optimization without Evaluation
Ficco, Stefano; Karamychev, Vladimir; Reeven, Peran van - Tinbergen Instituut - 2006
This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...
Persistent link: https://www.econbiz.de/10011255667
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A Theory of Procedurally Rational Choice: Optimization without Evaluation
Ficco, Stefano; Karamychev, Vladimir; Reeven, Peran van - Tinbergen Institute - 2006
This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...
Persistent link: https://www.econbiz.de/10005144568
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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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Empiricism in Herbert Simon : administrative behavior within the evolution of the Models of bounded and procedural rationality
Hortal, Alejandro - In: Brazilian journal of political economy 37 (2017) 4, pp. 719-733
Persistent link: https://www.econbiz.de/10011952011
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Statistical foundations of ecological rationality
Brighton, Henry - 2020
If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a … 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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The homo economicus under experimental attack
Schlicht, Ekkehart - 2020
For non-economists, it is often difficult to understand why economists place so much emphasis on the self-interest motive. It is obvious that people act out of a variety of motives - gratitude, anger, social obligation and many, many other motives. There are several reasons why economists still...
Persistent link: https://www.econbiz.de/10012425266