Boundedly Rational Decision Emergence - a General Perspective and Some Selective Illustrations
33 Pages Posted: 28 Mar 2001
Date Written: August 2000
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: Suggested Citation