Results for 'Bounded rationality'

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  1. Modeling Bounded Rationality.Ariel Rubinstein - 1998 - MIT Press.
    p. cm. — (Zeuthen lecture book series) Includes bibliographical references (p. ) and index. ISBN 0-262-18187-8 (hardcover : alk. paper). — ISBN 0-262-68100-5 (pbk. : alk. paper) 1. Decision-making. 2. Economic man. 3. Game theory. 4. Rational expectations (Economic theory) I. Title. II. Series.
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    Axiomatizing Bounded Rationality: The Priority Heuristic.Mareile Drechsler, Konstantinos Katsikopoulos & Gerd Gigerenzer - 2014 - Theory and Decision 77 (2):183-196.
    This paper presents an axiomatic framework for the priority heuristic, a model of bounded rationality in Selten’s Bounded rationality: the adaptive toolbox, 2001) spirit of using empirical evidence on heuristics. The priority heuristic predicts actual human choices between risky gambles well. It implies violations of expected utility theory such as common consequence effects, common ratio effects, the fourfold pattern of risk taking and the reflection effect. We present an axiomatization of a parameterized version of the heuristic (...)
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  3. Bounded Rationality in Social Science: Today and Tomorrow. [REVIEW]Herbert A. Simon - 2000 - Mind and Society 1 (1):25-39.
    With the discovery of voluminous discordant empirical evidence, maximizing expected utility is rapidly disappearing as the core of the theory of human rationality, and a theory of bounded rationality, embracing both the processes and products of choice, is replacing it. There remains a large task of organizing our picture of economic and social processes and adding the new facts needed to shape the theory in an empirically sound way. It is also urgent that new tools now available (...)
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  4.  36
    Bounded Rationality: The Two Cultures.Konstantinos V. Katsikopoulos - 2014 - Journal of Economic Methodology 21 (4):361-374.
    Research on bounded rationality has two cultures, which I call ‘idealistic’ and ‘pragmatic’. Technically, the cultures differ on whether they build models based on normative axioms or empirical facts, assume that people's goal is to optimize or to satisfice, do not or do model psychological processes, let parameters vary freely or fix them, aim at explanation or prediction and test models from one or both cultures. Each culture tells a story about people's rationality. The story of the (...)
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  5. Human Bounds: Rationality for Our Species.Adam Morton - 2010 - Synthese 176 (1):5 - 21.
    Is there such a thing as bounded rationality? I first try to make sense of the question, and then to suggest which of the disambiguated versions might have answers. We need an account of bounded rationality that takes account of detailed contingent facts about the ways in which human beings fail to perform as we might ideally want to. But we should not think in terms of rules or norms which define good responses to an individual's (...)
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    Bounded Rationality.Till Grüne-Yanoff - 2007 - Philosophy Compass 2 (3):534–563.
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  7.  36
    Quantum Cognition and Bounded Rationality.Reinhard Blutner & Peter Beim Graben - 2016 - Synthese 193 (10).
    We consider several puzzles of bounded rationality. These include the Allais- and Ellsberg paradox, the disjunction effect, and related puzzles. We argue that the present account of quantum cognition—taking quantum probabilities rather than classical probabilities—can give a more systematic description of these puzzles than the alternate treatments in the traditional frameworks of bounded rationality. Unfortunately, the quantum probabilistic treatment does not always provide a deeper understanding and a true explanation of these puzzles. One reason is that (...)
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  8. Cognitive Externalism Meets Bounded Rationality.Eric Arnau, Saray Ayala & Thomas Sturm - 2014 - Philosophical Psychology 27 (1):50-64.
    When proponents of cognitive externalism (CE) turn to empirical studies in cognitive science to put the framework to use and to assess its explanatory success, they typically refer to perception, memory, or motor coordination. In contrast, not much has been said about reasoning. One promising avenue to explore in this respect is the theory of bounded rationality (BR). To clarify the relationship between CE and BR, we criticize Andy Clark's understanding of BR, as well as his claim that (...)
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  9. Moral Satisficing: Rethinking Moral Behavior as Bounded Rationality.Gerd Gigerenzer - 2010 - Topics in Cognitive Science 2 (3):528-554.
    What is the nature of moral behavior? According to the study of bounded rationality, it results not from character traits or rational deliberation alone, but from the interplay between mind and environment. In this view, moral behavior is based on pragmatic social heuristics rather than moral rules or maximization principles. These social heuristics are not good or bad per se, but solely in relation to the environments in which they are used. This has methodological implications for the study (...)
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  10.  27
    Introduction: Methodologies of Bounded Rationality.Till Grüne-Yanoff, Caterina Marchionni & Ivan Moscati - 2014 - Journal of Economic Methodology 21 (4):325-342.
    The modelling of bounded rationality is currently pursued by approaches that exhibit a wide diversity of methodologies. This special issue collects five contributions that discuss different methodological aspects of these approaches. In our introduction, we map the variety of methodological positions with respect to three questions. First, what kinds of evidence do the respective approaches consider relevant for modelling bounded rationality? Second, what kind of modelling desiderata do the respective approaches focus on? And third, how do (...)
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  11.  27
    Generics and typicality: a bounded rationality approach.Robert van Rooij & Katrin Schulz - 2020 - Linguistics and Philosophy 43 (1):83-117.
    Cimpian et al. observed that we accept generic statements of the form ‘Gs are f’ on relatively weak evidence, but that if we are unfamiliar with group G and we learn a generic statement about it, we still treat it inferentially in a much stronger way: all Gs are f. This paper makes use of notions like ‘representativeness’, ‘contingency’ and ‘relative difference’ from psychology to provide a uniform semantics of generics that explains why people accept generics based on weak evidence. (...)
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  12.  25
    Welfare Economics and Bounded Rationality: The Case for Model-Based Approaches.Paola Manzini & Marco Mariotti - 2014 - Journal of Economic Methodology 21 (4):343-360.
    In this paper, we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the case for the model-based approach and examine its advantages as well as some problematic issues associated with it.
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  13. Bounded Rationality in Social Sciences.Juan Fco Álvarez & Javier Echeverría - 2008 - Poznan Studies in the Philosophy of the Sciences and the Humanities 96 (1):173-189.
    Empirical research on Rational Choice Theory has brought up two focus of the economics laws problem. On one hand, we find the authors who state that the neoclassical economics laws are explanatory and predictive on specific cases: in transparent contexts in which the standard rationality operates successfully. On the other hand, we find the authors who state that the descriptive theories of the rational choice opens up a research path in which fundamental principles of the neoclassical building could be (...)
     
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  14.  21
    Bounded Rationality: A Realistic Approach to the Decision Process in a Social Environment.José Manuel Robles - 2007 - Theoria 16 (1):41-48.
  15.  4
    Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures.Thomas J. Sargent - 1995 - Oxford University Press UK.
    This is a survey of bounded rationality, an area of theoretical macroeconomics which is receiving increased attention. The book is written by a leading macroeconomist who outlines the issues involved, describes some of the analytic tools that are being used, and shows how they can be applied in a range of models. It points to further potential positive developments of the theory as well as some of its limitations.
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  16. Bounded Rationality, Epistemic Externalism and the Enlightenment Picture of Cognitive Virtue.D. Matheson - 2006 - In Robert J. Stainton (ed.), Contemporary Debates in Cognitive Science. Malden Ma: Blackwell. pp. 134--144.
  17. Bounded Rationality in Social Sciences.Javier Echeverría & José Francisco Álvarez - 2008 - Poznan Studies in the Philosophy of the Sciences and the Humanities 96 (1):173-189.
    Empirical research on Rational Choice Theory has brought up two focus of the economics laws problem. On one hand, we find the authors who state that the neoclassical economics laws are explanatory and predictive on specific cases: in transparent contexts in which the standard rationality operates successfully. On the other hand, we find the authors who state that the descriptive theories of the rational choice opens up a research path in which fundamental principles of the neoclassical building could be (...)
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  18. Competition Over Agents with Boundedly Rational Expectations.Ran Spiegler - unknown
    I study a market model in which profit-maximizing firms compete in multidimensional pricing strategies over a consumer, who is limited in his ability to grasp such complicated objects and therefore uses a sampling procedure to evaluate them. Firms respond to increased competition with an increased effort to obfuscate, rather than with more competitive pricing. As a result, consumer welfare is not enhanced and may even deteriorate. Specifically, when firms control both the price and the quality of each dimension, and there (...)
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  19.  93
    Norms and Bounded Rationality.Robert Boyd & Peter J. Richerson - unknown
    Anthropologists believe that human behavior is governed by culturally transmitted norms, and that such norms contain accumulated wisdom that allows people to behave sensibly even though they do not understand why they do what they do. Economists and other rational choice theorists have been skeptical about functionalist claims because anthropologists have not provided any plausible mechanism which could explain why norms have this property. Here, we outline two such mechanisms. We show that occasional learning when coupled with cultural transmission and (...)
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  20. A Perspective on Judgment and Choice: Mapping Bounded Rationality.Daniel Kahneman - 2003 - American Psychologist 58 (9):697.
     
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  21.  41
    Reasoning the Fast and Frugal Way: Models of Bounded Rationality.Gerd Gigerenzer & Daniel G. Goldstein - 1996 - Psychological Review 103 (4):650-669.
    Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon's notion of satisficing, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, (...)
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  22.  19
    Rational Task Analysis: A Methodology to Benchmark Bounded Rationality.Hansjörg Neth, Chris R. Sims & Wayne D. Gray - 2016 - Minds and Machines 26 (1-2):125-148.
    How can we study bounded rationality? We answer this question by proposing rational task analysis —a systematic approach that prevents experimental researchers from drawing premature conclusions regarding the rationality of agents. RTA is a methodology and perspective that is anchored in the notion of bounded rationality and aids in the unbiased interpretation of results and the design of more conclusive experimental paradigms. RTA focuses on concrete tasks as the primary interface between agents and environments and (...)
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  23.  32
    The Consistency and Ecological Rationality Approaches to Normative Bounded Rationality.Nathan Berg - 2014 - Journal of Economic Methodology 21 (4):375-395.
    This paper focuses on tacit versus explicit uses of plural performance metrics as a primary methodological characteristic. This characteristic usefully distinguishes two schools of normative analysis and their approaches to normative interpretations of bounded rationality. Both schools of thought make normative claims about bounded rationality by comparing the performance of decision procedures using more than one performance metric. The consistency school makes tacit reference to performance metrics outside its primary axiomatic framework, but lexicographically promotes internal axiomatic (...)
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  24.  18
    The Bounded Rationality Theory, the Rational Choice Theory or the Methodological Individualism.Raymond Boudon - 2004 - Journal des Economistes Et des Etudes Humaines 14 (1).
    The bounded rationality theory has been perceived by social scientists as a more flexible version of the rational choice theory, also called expected utility theory. The former has the avantage of taking into consideration the fact that information is generally costly. It corrects the RCT on an important point. For the social sciences, the RCT is very useful, but far from representing a general theory which could explain the various kinds of behaviour the social sciences are confronted to, (...)
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  25.  88
    Identifying Optimum Performance Trade-Offs Using a Cognitively Bounded Rational Analysis Model of Discretionary Task Interleaving.Christian P. Janssen, Duncan P. Brumby, John Dowell, Nick Chater & Andrew Howes - 2011 - Topics in Cognitive Science 3 (1):123-139.
    We report the results of a dual-task study in which participants performed a tracking and typing task under various experimental conditions. An objective payoff function was used to provide explicit feedback on how participants should trade off performance between the tasks. Results show that participants’ dual-task interleaving strategy was sensitive to changes in the difficulty of the tracking task and resulted in differences in overall task performance. To test the hypothesis that people select strategies that maximize payoff, a Cognitively (...) Rational Analysis model was developed. This analysis evaluated a variety of dual-task interleaving strategies to identify the optimal strategy for maximizing payoff in each condition. The model predicts that the region of optimum performance is different between experimental conditions. The correspondence between human data and the prediction of the optimal strategy is found to be remarkably high across a number of performance measures. This suggests that participants were honing their behavior to maximize payoff. Limitations are discussed. (shrink)
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  26.  34
    Bayesian Boundedly Rational Agents Play the Finitely Repeated Prisoner's Dilemma.Fernando Vega-Redondo - 1994 - Theory and Decision 36 (2):187-206.
  27.  17
    The Theory of Bounded Rationality and the Problem of Legitimation.James E. Martin, George B. Kleindorfer & William R. Brashers - 1987 - Journal for the Theory of Social Behaviour 17 (1):63–82.
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    A Cognition Paradigm Clash: Simon, Situated Cognition and the Interpretation of Bounded Rationality.Enrico Petracca - 2017 - Journal of Economic Methodology 24 (1):20-40.
    Simon’s notion of bounded rationality is deeply intertwined with his activity as a cognitive psychologist and founder of so-called cognitivism, a mainstream approach in cognitive psychology until the 1980s. Cognitivism, understood as ‘symbolic information processing,’ provided the first cognitive psychology foundation to bounded rationality. Has bounded rationality since then fully followed the development of cognitive psychology beyond symbolic information processing in the post-Simonian era? To answer this question, this paper focuses on Simon’s opposition during (...)
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  29.  4
    Identifying Bounded Rationality with Panel Data: Evidence From the Labor Markets of Italy and Germany.Bruno Contini & Toralf Pusch - 2018 - Mind and Society 17 (1-2):71-84.
    In this paper we question the hypothesis of bounded rationality against full rationality in the context of job changing behavior, via simple econometric explorations on microdata drawn from Worker Histories Italian Panel and Sample of Integrated Labor Market Biographies. The identification strategy builds on a quasi-counterfactual experiment in which the performance of each voluntary mover is compared to the average performance of a peer-group of stayers of the same skill group, co-workers in the firm from which the (...)
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    Conflicts, Bounded Rationality and Collective Wisdom in a Networked Society.José Álvarez - 2016 - In Giovanni Scarafile & Leah Gruenpeter Gold (eds.), Paradoxes of Conflict. Springer.
    The adoption of an individualistic perspective on reasoning, choice and decision is a spring of paradoxes of conflicts. Usually the agents immerse in conflicts are drawn or modelled as rational individuals with targets well defined and full capabilities to access to information, without both temporal limitations and perfect reasoning abilities to obtain their preferences are taken account.However, other models of agent, in the bounded rationality perspective, could help to understand better the interrelationships. I adopt embedded argumentative reasoning processes (...)
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  31.  14
    Bounded Rationality, Scissors, Crowbars, and Pragmatism: Reflections on Herbert Simon.Thomas Nickles - 2018 - Mind and Society 17 (1-2):85-96.
    The paper locates, appreciates, and extends several dimensions of Simon’s work in the direction of more recent contributions by people such as Gigerenzer and Dennett. The author’s “crowbar model of method” is compared to Simon’s scissors metaphor. Against an evolutionary background, both support a pragmatic rather than strong realist approach to theoretically deep and complex problems. The importance of implicit knowledge is emphasized, for humans, as well as nonhuman animals. Although Simon was a realist in some respects, his work on (...)
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  32. Bounded Rationality and Heuristics in Humans and in Artificial Cognitive Systems.Antonio Lieto - 2019 - Isonomía. Revista de Teoría y Filosofía Del Derecho 1 (4):1-21.
    In this paper I will present an analysis of the impact that the notion of “bounded rationality”, introduced by Herbert Simon in his book “Administrative Behavior”, produced in the field of Artificial Intelligence (AI). In particular, by focusing on the field of Automated Decision Making (ADM), I will show how the introduction of the cognitive dimension into the study of choice of a rational (natural) agent, indirectly determined - in the AI field - the development of a line (...)
     
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  33.  4
    Stability and Multistability of a Bounded Rational Mixed Duopoly Model with Homogeneous Product.Wei Zhou, Na Zhao, Tong Chu & Ying-Xiang Chang - 2020 - Complexity 2020:1-16.
    In this paper, a mixed duopoly dynamic model with bounded rationality is built, where a public-private joint venture and a private enterprise produce homogeneous products and compete in the same market. The purpose of this research is to study the stability and the multistability of the established model. The local stability of all the equilibrium points is discussed by using Jury condition, and the stability region of the Nash equilibrium point has been given. A special fractal structure called (...)
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  34.  26
    Conflicts, Bounded Rationality and Collective Wisdom in a Networked Society.J. Francisco Alvarez - 2016 - In Giovanni Scarafile & Leah Gruenpeter Gold (eds.), Paradoxes of Conflicts. Springer. pp. 85-95.
    Álvarez J.F. (2016) Conflicts, Bounded Rationality and Collective Wisdom in a Networked Society. In: Scarafile G., Gruenpeter Gold L. (eds) Paradoxes of Conflicts. Logic, Argumentation & Reasoning (Interdisciplinary Perspectives from the Humanities and Social Sciences), vol 12. Springer, Cham -/- The adoption of an individualistic perspective on reasoning, choice and decision is a spring of paradoxes of conflicts. Usually the agents immerse in conflicts are drawn or modelled as rational individuals with targets well defined and full capabilities to (...)
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  35.  26
    Bounded Rationality in the Centipede Game.Ashton T. Sperry-Taylor - 2011 - Episteme 8 (3):262-280.
    Normative game theory unsatisfactorily explains rational behavior. Real people do not behave as predicted, and what is prescribed as rational behavior is normally unattainable in real-life. The problem is that current normative analysis does not account for people's cognitive limitations – their bounded rationality. However, this paper develops an account of bounded rationality that explains the rationality of more realistic behavior. I focus on the Centipede Game, in which boundedly rational players explore and test others' (...)
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  36.  58
    Bounded Rationality and Legal Scholarship.Matthew D. Adler - manuscript
    Decision theory seems to offer a very attractive normative framework for individual and social choice under uncertainty. The decisionmaker should think of her choice situation, at any given moment, in terms of a set of possible outcomes, that is, specifications of the possible consequences of choice, described in light of the decisionmaker's goals; a set of possible actions; and a "state set" consisting of possible prior "states of the world." It is this framework for choice which provides the foundation for (...)
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  37.  19
    Two Cheers for Bounded Rationality.Raanan Lipshitz - 2000 - Behavioral and Brain Sciences 23 (5):756-757.
    Replacing logical coherence by effectiveness as criteria of rationality, Gigerenzer et al. show that simple heuristics can outperform comprehensive procedures (e.g., regression analysis) that overload human limited information processing capacity. Although their work casts long overdue doubt on the normative status of the Rational Choice Paradigm, their methodology leaves open its relevance as to how decisions are actually made.
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  38.  25
    Psychological Versus Economic Models of Bounded Rationality.Don Ross - 2014 - Journal of Economic Methodology 21 (4):411-427.
    That the rationality of individual people is ‘bounded’ – that is, finite in scope and representational reach, and constrained by the opportunity cost of time – cannot reasonably be controversial as an empirical matter. In this context, the paper addresses the question as to why, if economics is an empirical science, economists introduce bounds on the rationality of agents in their models only grudgingly and partially. The answer defended in the paper is that most economists are interested (...)
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  39.  11
    Towards Bounded Rationality Within Rational Expectations: Some Comments From an Economic Point of View.Lutz Beinsen & Ulrike Leopold-Wildburger - 1998 - Vienna Circle Institute Yearbook 5:141-152.
    Rationality has been a principle widely assumed in economics from early on. In contrast, rationality in the formation of economic expectations is rather new. Since the term “rational expectations” has meanwhile become a kind of slogan for diverse issues in economics as in related fields, there is some danger of authors’ not always being aware of the true meaning of this technical term. Sometimes it is used, in a context where expectation formation about uncertain events is essential, as (...)
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  40.  20
    Bounded Rationality in the Centipede Game.Ashton T. Sperry-Taylor - 2011 - Episteme 8 (3):262-280.
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  41.  12
    Modeling Bounded Rationality, Ariel Rubinstein. MIT Press, 1998, XII + 208 Pages. [REVIEW]Martin Dufwenberg - 2001 - Economics and Philosophy 17 (1):134-140.
  42. Bounded Rationality.Jonathan Bendor - 2001 - In N. J. Smelser & B. Baltes (eds.), International Encyclopedia of the Social and Behavioral Sciences. pp. 1303--1307.
     
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  43.  18
    Implicit Learning of (Boundedly) Rational Behaviour.Daniel John Zizzo - 2000 - Behavioral and Brain Sciences 23 (5):700-701.
    Stanovich & West's target article undervalues the power of implicit learning (particularly reinforcement learning). Implicit learning may allow the learning of more rational responses–and sometimes even generalisation of knowledge–in contexts where explicit, abstract knowledge proves only of limited value, such as for economic decision-making. Four other comments are made.
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  44.  13
    Binmore, Boundedly Rational.Marlies Ahlert & Hartmut Kliemt - 2006 - Analyse & Kritik 28 (1):104-110.
    It is argued that a truly Humean approach to social interaction and to normative reflection on how we should interact needs to get even closer to the facts than the Binmore program suggests. In view of the facts Binmore’s normative conclusions on bargaining as well as on the nature of the equilibria of the game of life both seem precarious.
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    Political Deliberation and the Challenge of Bounded Rationality.Andrew F. Smith - 2014 - Politics, Philosophy and Economics 13 (3):269-291.
    Many proponents of deliberative democracy expect reasonable citizens to engage in rational argumentation. However, this expectation runs up against findings by behavioral economists and social psychologists revealing the extent to which normal cognitive functions are influenced by bounded rationality. Individuals regularly utilize an array of biases in the process of making decisions, which inhibits our argumentative capacities by adversely affecting our ability and willingness to be self-critical and to give due consideration to others’ interests. Although these biases cannot (...)
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    Does Habitus Matter? A Comparative Review of Bourdieu's Habitus and Simon's Bounded Rationality with Some Implications for Economic Sociology.Francois Collet - 2009 - Sociological Theory 27 (4):419 - 434.
    In this article, I revisit Pierre Bourdieu's concept of habitus and contrast it with Herbert Simon's notion of bounded rationality. Through a discussion of the literature of economic sociology on status and Fligstein's political-cultural approach, I argue that this concept can be a source of fresh insights into empirical problems. I find that the greater the change in the social environment, the more salient the benefits of using habitus as a tool to analyze agents' behavior.
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  47.  2
    Complexity Analysis of a 3-Player Game with Bounded Rationality Participating in Nitrogen Emission Reduction.Jixiang Zhang & Xuan Xi - 2020 - Complexity 2020:1-16.
    In this paper, a decision-making competition game model concerning governments, agricultural enterprises, and the public, all of which participate in the reduction of nitrogen emissions in the watersheds, is established based on bounded rationality. First, the stability conditions of the equilibrium points in the system are discussed, and the stable region of the Nash equilibrium is determined. Then, the bifurcation diagram, maximal Lyapunov exponent, strange attractor, and sensitive dependence on the initial conditions are shown through numerical simulations. The (...)
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  48.  51
    Computational Rationality: Linking Mechanism and Behavior Through Bounded Utility Maximization.Richard L. Lewis, Andrew Howes & Satinder Singh - 2014 - Topics in Cognitive Science 6 (2):279-311.
    We propose a framework for including information-processing bounds in rational analyses. It is an application of bounded optimality (Russell & Subramanian, 1995) to the challenges of developing theories of mechanism and behavior. The framework is based on the idea that behaviors are generated by cognitive mechanisms that are adapted to the structure of not only the environment but also the mind and brain itself. We call the framework computational rationality to emphasize the incorporation of computational mechanism into the (...)
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  49. Games, Goals, and Bounded Rationality.Leigh Tesfatsion - 1984 - Theory and Decision 17 (2):149-175.
    A generalization of the standard n-person game is presented, with flexible information requirements suitable for players constrained by bounded rationality. Strategies (complete contingency plans) are replaced by "policies," i. e., end-mean pairs of candidate goals and "controls" (partial contingency plans). The existence of individual objective functions over the joint policy choice set is axiomatized in terms of primitive preference and probability orders. Conditions are given for the existence of pure policy Nash equilibrium points in n-person games, and pure (...)
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    Dynamics of a Cournot Duopoly Game with a Generalized Bounded Rationality.A. Al-Khedhairi - 2020 - Complexity 2020:1-10.
    In this paper, the dynamics of Cournot duopoly game with a generalized bounded rationality is considered. The fractional bounded rationality of the Cournot duopoly game is introduced. The conditions of local stability analysis of equilibrium points of the game are derived. The effect of fractional marginal profit on the game is investigated. The complex dynamics behaviors of the game are discussed by numerical computation when parameters are varied.
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