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Features of Experimentally Observed Bounded Rationality

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  • Selten, Reinhard

Abstract

On the basis of experimental evidence reported in the literature the paper draws conclusions about the bounded rationality exhibited by human economic behaviour. Among the topics discussed are presentation effects caused by superficial analysis, strategic reasoning and strategy construction based on reciprocity and fairness, avoidance of circular concepts in step by step strategic reasoning, ex-post rationality and learning direction theory, presence of both adaptive and analytic approaches to repeated decision tasks, and the absence of quantitative expectations and optimization in typical repeated game strategies

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Bibliographic Info

Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 421.

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Length: pages
Date of creation:
Date of revision: Nov 1997
Handle: RePEc:bon:bonsfb:421

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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Keywords: Bounded rationality; experiments; strategic interaction;

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  1. Reinhard Selten & Michael Mitzkewitz & Gerald R. Uhlich, 1997. "Duopoly Strategies Programmed by Experienced Players," Econometrica, Econometric Society, vol. 65(3), pages 517-556, May.
  2. Keser, Claudia, 1997. "SUPER: Strategies used in public goods experimentation rounds," Sonderforschungsbereich 504 Publications 97-24, Sonderforschungsbereich 504, Universit├Ąt Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  3. Selten, Reinhard & Joachim Buchta, 1994. "Experimental Sealed Bid First Price Auctions with Directly Observed Bid Functions," Discussion Paper Serie B 270, University of Bonn, Germany.
  4. Mitzkewitz, Michael & Nagel, Rosemarie, 1993. "Experimental Results on Ultimatum Games with Incomplete Information," International Journal of Game Theory, Springer, vol. 22(2), pages 171-98.
  5. Selten, Reinhard & Stoecker, Rolf, 1986. "End behavior in sequences of finite Prisoner's Dilemma supergames A learning theory approach," Journal of Economic Behavior & Organization, Elsevier, vol. 7(1), pages 47-70, March.
  6. Ball, Sheryl B. & Bazerman, Max H. & Carroll, John S., 1991. "An evaluation of learning in the bilateral winner's curse," Organizational Behavior and Human Decision Processes, Elsevier, vol. 48(1), pages 1-22, February.
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