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Philosophical, Psychological and Economic Aspects of Choice Making

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  • Hermann Brandstätter
  • Werner Güth
  • Hartmut Kliemt

Abstract

This paper brings together views on choice making as have been developed in philosophy, psychology, and economics. Starting from specific examples the relative merits of different approaches are discussed. The conclusion that models of boundedly rational behavior are the future of social science research is strongly endorsed. But we also admit that it is not completely clear what this implies and take the liberty to speculate on where future research might go.

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Paper provided by Max Planck Institute of Economics, Strategic Interaction Group in its series Papers on Strategic Interaction with number 2003-06.

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Length: 78 pages
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Handle: RePEc:esi:discus:2003-06

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  1. M. Rabin, 2001. "Incorporating Fairness into Game Theory and Economics," Levine's Working Paper Archive 511, David K. Levine.
  2. Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
  3. Sugden, Robert, 1991. "Rational Choice: A Survey of Contributions from Economics and Philosophy," Economic Journal, Royal Economic Society, vol. 101(407), pages 751-85, July.
  4. Selten, Reinhard, 1996. "Aspiration Adaptation Theory," Discussion Paper Serie B 389, University of Bonn, Germany.
  5. Schwartz, Hugh, 2002. "Herbert Simon and behavioral economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(3), pages 181-189.
  6. Werner Güth & Hartmut Kliemt & Axel Ockenfels, . "Retributive Responses," Papers on Strategic Interaction 2002-41, Max Planck Institute of Economics, Strategic Interaction Group.
    • Güth, Werner & Kliemt, Hartmut & Ockenfels, Axel, 2001. "Retributive responses," SFB 373 Discussion Papers 2001,11, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  7. Wolozin, Harold, 2002. "The individual in economic analysis: toward psychology of economic behavior," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(1), pages 45-57.
  8. Thompson, Earl A & Faith, Roger L, 1981. "A Pure Theory of Strategic Behavior and Social Institutions," American Economic Review, American Economic Association, vol. 71(3), pages 366-80, June.
  9. Robert Slonim & Alvin E. Roth, 1998. "Learning in High Stakes Ultimatum Games: An Experiment in the Slovak Republic," Econometrica, Econometric Society, vol. 66(3), pages 569-596, May.
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