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Bounded Rationality ModelingBertrand MunierIAE Sorbonne's Business School Reinhard SeltenUniversity of Bonn - Economic Science Area; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Denis Bouyssouaffiliation not provided to SSRN Richard H. DayUniversity of Southern California - Department of Economics Nigel HarveyUniversity College London - Centre for Economic Learning and Social Evolution (ELSE) Denis HiltonUniversity of Toulouse 2 - UFR de Psychologie Mark J. MachinaUniversity of California at San Diego Parker Barrileaffiliation not provided to SSRN Philip M. ParkerINSEAD John StermanMassachusetts Institute of Technology (MIT) - Sloan School of Management Elke U. WeberColumbia Business School - Management & Psychology Birger WernerfeltMassachusetts Institute of Technology (MIT) - Sloan School of Management Robin WensleyUniversity of Warwick - Warwick Business School 2003 Marketing Letters, Vol. 43, pp. 197-200, 2003 Abstract: This paper deals with bounded rationality as a way to describe behavior and focuses on the question of how to build such boundedly rational models. The first part is a discussion of the reasons why such models are needed and on the situations in which they can be regarded as more particularly useful. The second part examines three strategies of research towards bounded rationality modeling which have emerged in the last ten years and weights them. The concluding remarks offer a first link between the respective typologies of strategies and of situations and calls for additional experimental work by marketing scientists and economists together.
Number of Pages in PDF File: 16 Keywords: Decision-making, consumer behavior, procedural rationality, choice functionals, adaptive behavior working papers seriesDate posted: November 23, 2008Suggested CitationContact Information
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