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What is Bounded Rationality? Paper prepared for the Dahlem Conferen


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  • Selten, Reinhard


The paper deals with bounded rationality understood in the tradition of H.A. Simon. Fundamental problems and theoretical issues are discussed. Special emphasis is put on aspiration adaptation theory. Further remarks concern basic models of decision behavior (like learning and expectation formation), reasoning, and the connection between bounded rationality and motivation.

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Bibliographic Info

Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 454.

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Length: pages
Date of creation: May 1999
Date of revision:
Handle: RePEc:bon:bonsfb:454

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
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Keywords: Bounded rationality; learning; aspiration adaptation theory;

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Cited by:
  1. 岡田, 章, 2007. "ゲーム理論の歴史と現在 : 人間行動の解明を目指して," Discussion Papers 2007-01, Graduate School of Economics, Hitotsubashi University.
  2. Sandri, Serena & Schade, Christian & Musshoff, Oliver & Odening, Martin, 2010. "Holding on for too long? An experimental study on inertia in entrepreneurs’ and non-entrepreneurs’ disinvestment choices," Structural Change in Agriculture/Strukturwandel im Agrarsektor (SiAg) Working Papers, Humboldt University Berlin, Department of Agricultural Economics 59518, Humboldt University Berlin, Department of Agricultural Economics.
  3. Joe Johnson & Naveen Govindarajulu & Selmer Bringsjord, 2014. "A three-pronged simonesque approach to modeling and simulation in deviant “bi-pay” auctions, and beyond," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, Fondazione Rosselli, vol. 13(1), pages 59-82, June.
  4. Marco Novarese & Salvatore Rizzello, 2003. "Satisfaction and Learning: an experimental game to measure happiness," Microeconomics, EconWPA 0306004, EconWPA.


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