Bounded Rationality Modeling

Marketing Letters, Vol. 43, pp. 197-200, 2003

16 Pages Posted: 23 Nov 2008

See all articles by Bertrand Munier

Bertrand Munier

IAE Sorbonne's Business School, University of Paris1

Reinhard Selten

University of Bonn - Economic Science Area; CESifo (Center for Economic Studies and Ifo Institute)

Denis Bouyssou

affiliation not provided to SSRN

Richard H. Day

University of Southern California - Department of Economics

Nigel Harvey

University College London - Centre for Economic Learning and Social Evolution (ELSE)

Denis Hilton

University of Toulouse

Mark J. Machina

University of California at San Diego

Parker Barrile

affiliation not provided to SSRN

Philip M. Parker

INSEAD

John Sterman

Massachusetts Institute of Technology (MIT) - Sloan School of Management

Elke U. Weber

Columbia Business School - Management & Psychology

Birger Wernerfelt

Massachusetts Institute of Technology (MIT) - Sloan School of Management

Robin Wensley

University of Warwick - Warwick Business School

Date Written: 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.

Keywords: Decision-making, consumer behavior, procedural rationality, choice functionals, adaptive behavior

Suggested Citation

Munier, Bertrand René and Selten, Reinhard and Bouyssou, Denis and Day, Richard H. and Harvey, Nigel and Hilton, Denis and Machina, Mark J. and Barrile, Parker and Parker, Philip M. and Sterman, John and Weber, Elke U. and Wernerfelt, Birger and Wensley, Robin, Bounded Rationality Modeling (2003). Marketing Letters, Vol. 43, pp. 197-200, 2003. Available at SSRN: https://ssrn.com/abstract=1304759 or http://dx.doi.org/10.2139/ssrn.1304759

Bertrand René Munier

IAE Sorbonne's Business School, University of Paris1 ( email )

8bis, rue de la Croix-Jarry
Paris, Ile de France 75013
France
+330607016861 (Phone)

HOME PAGE: http://gregoriae.com/index.php?option=com_content&view=article&id=1935&mb=1&type=1&id_author=378&Ite

Reinhard Selten

University of Bonn - Economic Science Area ( email )

Adenauerallee 24-42
D-53113 Bonn
Germany
++49-228 73-9190 (Phone)
++49-228 73-9193 (Fax)

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

Denis Bouyssou

affiliation not provided to SSRN

Richard H. Day

University of Southern California - Department of Economics ( email )

Kaprielian Hall 318-A
Los Angeles, CA 90089
United States
213-740-2432 (Phone)
213-740-8543 (Fax)

Nigel Harvey

University College London - Centre for Economic Learning and Social Evolution (ELSE) ( email )

Gower Street
London WC1E 6BT
United Kingdom

Denis Hilton

University of Toulouse ( email )

41 Allées Jules Guesde - CS 61321
TOULOUSE
France

Mark J. Machina

University of California at San Diego ( email )

9500 Gilman Drive
La Jolla, CA 92093-0508
United States
858-534-2391 (Phone)
858-534-7040 (Fax)

Parker Barrile

affiliation not provided to SSRN

Philip M. Parker

INSEAD ( email )

Boulevard de Constance
Fontainebleau, 77305
France
(33) (0)1 60 72 40 00 (Phone)
(33) (0)1 60 74 55 00/01 (Fax)

John Sterman

Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )

E62-436
Cambridge, MA 02139
United States
617-253-1951 (Phone)

HOME PAGE: http://jsterman.scripts.mit.edu/

Elke U. Weber (Contact Author)

Columbia Business School - Management & Psychology ( email )

3022 Broadway
New York, NY 10027
United States

Birger Wernerfelt

Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )

100 Main Street
E62-416
Cambridge, MA 02142
United States
617-253-7192 (Phone)
617-258-7597 (Fax)

Robin Wensley

University of Warwick - Warwick Business School ( email )

Coventry CV4 7AL
United Kingdom

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