Boundedly Rational Decision Emergence - A General Perspective And Some Selective Illustrations
Max Planck Institute of Economics; CESifo (Center for Economic Studies and Ifo Institute)
CESifo Working Paper Series No. 330
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 (by "Learning Module" and "Adaptation Procedure") or to generate new decision routines by applying "New Problem Solver"). Our admittedly bold attempt is loosely related to some stylized experimental results.
Number of Pages in PDF File: 33
JEL Classification: D0, C7, C9, B4working papers series
Date posted: March 28, 2001
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo6 in 0.312 seconds