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Features of Experimentally Observed Bounded Rationality

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Author Info
Selten, Reinhard

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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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Publisher 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

Contact details of provider:
Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 9221
Web page: http://www.bgse.uni-bonn.de/index.php?id=517

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Related research
Keywords: Bounded rationality experiments strategic interaction

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Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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This page was last updated on 2008-5-3.


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