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Bounded Rationality in Individual Decision Making

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  • Colin Camerer

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    Abstract

    The main objectives of this paper are: (i) To give a pithy, opinionated summary of what has been learned about bounded rationality in individual decision making from experiments in economics and psychology (drawing on my 1995 Handbook of Experimental Economics chapter); and (ii) mention some promising new directions for research which would be included if that chapter were written today. Copyright Kluwer Academic Publishers 1998

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    File URL: http://hdl.handle.net/10.1023/A:1009944326196
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    Bibliographic Info

    Article provided by Springer in its journal Experimental Economics.

    Volume (Year): 1 (1998)
    Issue (Month): 2 (September)
    Pages: 163-183

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    Handle: RePEc:kap:expeco:v:1:y:1998:i:2:p:163-183

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    Web page: http://www.springerlink.com/link.asp?id=102888

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    8. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
    9. Bruce G. S. Hardie & Eric J. Johnson & Peter S. Fader, 1993. "Modeling Loss Aversion and Reference Dependence Effects on Brand Choice," Marketing Science, INFORMS, vol. 12(4), pages 378-394.
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    12. Camerer, Colin F, 1987. "Do Biases in Probability Judgment Matter in Markets? Experimental Evidence," American Economic Review, American Economic Association, vol. 77(5), pages 981-97, December.
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