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

33 Pages Posted: 28 Mar 2001

See all articles by Werner Güth

Werner Güth

Max Planck Institute for Research on Collective Goods; Luiss Guido Carli University

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). Available at SSRN: https://ssrn.com/abstract=263345 or http://dx.doi.org/10.2139/ssrn.263345

Werner Güth (Contact Author)

Max Planck Institute for Research on Collective Goods

Kurt-Schumacher-Str. 10
D-53113 Bonn, 53113
Germany

Luiss Guido Carli University ( email )

Via O. Tommasini 1
Rome, Roma 00100
Italy

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