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Decision Theory without Logical Omniscience: Toward an Axiomatic Framework for Bounded Rationality

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Lipman, Barton L

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Abstract

The author proposes modeling boundedly rational agents as agents who are not logically omniscient, that is, who do not know all logical or mathematical implications of what they know. He shows how a subjective state space can be derived as part of a subjective expected utility representation of the agent's preferences. The representation exists under very weak conditions. The representation uses the familiar language of probability, utility, and states of the world in the hope that this makes this model of bounded rationality easier to use in applications. Copyright 1999 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 66 (1999)
Issue (Month): 2 (April)
Pages: 339-61
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Handle: RePEc:bla:restud:v:66:y:1999:i:2:p:339-61

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  1. Sacha Bourgeois-Gironde & Raphaël Giraud, 2005. "Accounting for Framing-Effects - an informational approach to intensionality in the Bolker-Jeffrey decision model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) ijn_00000656_v1, HAL. [Downloadable!]
  2. Sacha Bourgeois-Gironde & Raphaël Giraud, 2006. "Framing Effects as Violations of Extensionality," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00098001_v1, HAL. [Downloadable!]
  3. Nabil I. Al-Najjar & Ramon Casadesus-Masanell & Emre Ozdenoren, 1999. "Subjective Representation of Complexity," Discussion Papers 1249, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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