Boundedly Rational Decision Emergence - A General Perspective and Some Selective Illustrations
AbstractA 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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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 330.
Date of creation: 2000
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