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Bounded Rationality and Theory Absorption

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  • Werner Güth

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  • Hartmut Kliemt

Abstract

In plausible theories of bounded rationality actors are not stimulus-response machines but human beings. As such they are guided by theories that predict the course of the world and prescribe how they should try to intervene in that course. Since boundedly rational human beings cannot only observe but can also modify their theories, in particular if they are not satisfied with the results, a self-application of concepts of boundedly rational behavior to theory choice and an inquiry of theory absorption seems natural. The paper explores by means of specific examples some issues that are raised by combining the concept of satisficing behavior with that of theory absorption.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Strategic Interaction Group in its series Papers on Strategic Interaction with number 2004-27.

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Length: 16 pages
Date of creation: May 2004
Date of revision:
Handle: RePEc:esi:discus:2004-27

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Cited by:
  1. Berninghaus, Siegfried K. & Gueth, Werner & Levati, M. Vittoria & Qiu, Jianying, 2007. "Satisficing in sales competition: experimental evidence," Sonderforschungsbereich 504 Publications 07-03, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  2. Güth, Werner & Vittoria Levati, M. & Ploner, Matteo, 2010. "Satisficing in strategic environments: A theoretical approach and experimental evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(5), pages 554-561, October.
  3. Lehmann-Waffenschmidt, Marco & Sandri, Serena, 2007. "Recursivity and Self-Referentiality of Economic Theories and Their Implications for Bounded Rational Actors," Dresden Discussion Paper Series in Economics 03/07, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  4. 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 59518, Humboldt University Berlin, Department of Agricultural Economics.
  5. Andrea Morone & Serena Sandri & Tobias Uske, 2007. "On the absorbability of the Guessing Game Theory. A Theoretical and Experimental Analysis," series 0017, Dipartimento di Scienze Economiche e Metodi Matematici - Università di Bari, revised Apr 2007.
  6. Werner Güth, 2006. "Satisficing in Portfolio Selection - Theoretical Aspects and Experimental Tests," Papers on Strategic Interaction 2006-16, Max Planck Institute of Economics, Strategic Interaction Group.
  7. Siegfried Berninghaus & Werner Güth & M. Levati & Jianying Qiu, 2011. "Satisficing search versus aspiration adaptation in sales competition: experimental evidence," International Journal of Game Theory, Springer, vol. 40(1), pages 179-198, February.
  8. Morone, Andrea & Sandri, Serena & Fiore, Annamaria, 2009. "On the absorbability of informational cascades in the laboratory," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 728-738, October.
  9. Lehmann-Waffenschmidt, Marco, 2006. "Self-Referential Optimal Advising When Reactions are Delayed," Dresden Discussion Paper Series in Economics 06/06, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  10. Werner Güth & M. Vittoria Levati & Matteo Ploner, 2006. "Is Satisficing Absorbable? - An Experimental Study," Papers on Strategic Interaction 2006-10, Max Planck Institute of Economics, Strategic Interaction Group.

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