Boundedly Rational Decision Emergence - A General Perspective And Some Selective Illustrations
Werner Guth
Max Planck Institute of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
August 2000
CESifo Working Paper Series No. 330
Abstract:
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, B4
working papers series
Suggested Citation
Guth, Werner, Boundedly Rational Decision Emergence - A General Perspective And Some Selective Illustrations (August 2000). CESifo Working Paper Series No. 330. Available at SSRN: http://ssrn.com/abstract=263345
