Boundedly Rational Decision Emergence - a General Perspective and Some Selective Illustrations

33 Pages Posted: 28 Mar 2001

See all articles by Werner Guth

Werner Guth

Max Planck Institute of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Date Written: August 2000

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.

JEL Classification: D0, C7, C9, B4

Suggested Citation

Güth, Werner, Boundedly Rational Decision Emergence - a General Perspective and Some Selective Illustrations (August 2000). CESifo Working Paper Series No. 330. Available at SSRN: https://ssrn.com/abstract=263345

Werner Güth (Contact Author)

Max Planck Institute of Economics ( email )

Kahlaische Strasse 10
D-07745 Jena, 07745
Germany

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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