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Boundedly Rational Decision Emergence - A General Perspective and Some Selective Illustrations

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Werner Gueth ()

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Abstract

A general framework is described specifying how boundedly rational decision makers generate their choices. Starting from a "Master Module" which keeps an inventory of previously successful and unsuccessful routines several submodules can be called forth which either allow one to adjust behavior (by "Learning Module" and "Adaptation Procedure") or to generate new decision routines (by applying "New Problem Solver"). Our admittedly bold attempt is loosely related to some stylized experimental results.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 330.

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Date of creation: 2000
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Handle: RePEc:ces:ceswps:_330

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Find related papers by JEL classification:
B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
D00 - Microeconomics - - General - - - General

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  1. Hoffman Elizabeth & McCabe Kevin & Shachat Keith & Smith Vernon, 1994. "Preferences, Property Rights, and Anonymity in Bargaining Games," Games and Economic Behavior, Elsevier, vol. 7(3), pages 346-380, November. [Downloadable!] (restricted)
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  3. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October. [Downloadable!] (restricted)
  4. Bolton Gary E. & Zwick Rami, 1995. "Anonymity versus Punishment in Ultimatum Bargaining," Games and Economic Behavior, Elsevier, vol. 10(1), pages 95-121, July. [Downloadable!] (restricted)
  5. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
  6. Fehr, Ernst & Kirchsteiger, George & Riedl, Arno, 1993. "Does Fairness Prevent Market Clearing? An Experimental Investigation," The Quarterly Journal of Economics, MIT Press, vol. 108(2), pages 437-59, May. [Downloadable!] (restricted)
  7. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  8. 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.
  9. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 1999. "Learning in Cournot Oligopoly--An Experiment," Economic Journal, Royal Economic Society, vol. 109(454), pages C80-95, March. [Downloadable!] (restricted)
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  10. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April. [Downloadable!] (restricted)
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  11. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July. [Downloadable!] (restricted)
  12. Selten, Reinhard, 1991. "Evolution, learning, and economic behavior," Games and Economic Behavior, Elsevier, vol. 3(1), pages 3-24, February. [Downloadable!] (restricted)
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  1. W. Güth & R. Ivanova-Stenzel & M. Königstein & M. Strobel, . "Learning to Bid-An Experimental Study of Bid Function Adjustments in Auctions and Fair Division Games," Sonderforschungsbereich 373 1999-70, Humboldt Universitaet Berlin.
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