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Information Processing and Bounded Rationality : A Survey

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Author Info
Barton L. Lipman

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Abstract

This paper surveys some recent attempts to formulate a plausible and tractable model of bounded rationality. I focus in particular on models which view bounded rationality as stemming from limited information processing. I discuss computability, partitional models (such as automata, perceptrons, and optimal networks), nonpartitional models, and axiomatic approaches.

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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number 872.

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Length: 37 pages
Date of creation: 1993
Date of revision:
Handle: RePEc:qed:wpaper:872

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Keywords: economic models ; information;

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  1. Stefano Ficco, 2004. "Information Overload in Monopsony Markets," Tinbergen Institute Discussion Papers 04-082/1, Tinbergen Institute. [Downloadable!]
  2. Georges Tanguay & Gary Hunt & Nicolas Marceau, 2005. "Food Prices and the Timing of Welfare Payments: A Canadian Study," Canadian Public Policy, University of Toronto Press, vol. 31(2), pages 145-160, June. [Downloadable!] (restricted)
  3. Nicolai J. Foss, . "The Rhetorical Dimensions of Bounded Rationality: Herbert A. Simon and Organizational Economics," IVS/CBS Working Papers 2002-07, Department of Industrial Economics and Strategy, Copenhagen Business School. [Downloadable!]
  4. Robin Hanson, 2003. "For Bayesian Wannabes, Are Disagreements Not About Information?," Theory and Decision, Springer, vol. 54(2), pages 105-123, March. [Downloadable!] (restricted)
  5. Markus Pasche, 1998. "An Approach to Robust Decision Making: The Rationality of Heuristic Behavior," Working Paper Series B 1998-10, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultïät. [Downloadable!]
  6. Olivier Armantier & Jean-Pierre Florens & Jean-Francois Richard, 1999. "Nash Equilibrium Approximations in Games of Incomplete Information," Department of Economics Working Papers 99-01, Stony Brook University, Department of Economics. [Downloadable!]
  7. Stefano Ficco & Vladimir Karamychev, 2009. "Preference for flexibility in the absence of learning: the risk attitude effect," Economic Theory, Springer, vol. 40(3), pages 405-426, September. [Downloadable!] (restricted)
  8. Nabil I. Al-Najjar & Ramon Casadesus-Masanell & Emre Ozdenoren, 1999. "Subjective Representation of Complexity," Discussion Papers 1249, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  9. Stefano Ficco & Vladimir A. Karamychev, 2004. "Information Overload in Multi-Stage Selection Procedures," Tinbergen Institute Discussion Papers 04-077/1, Tinbergen Institute. [Downloadable!]
  10. H. Reiju Mihara, 1997. "Arrow's Theorem, countably many agents, and more visible invisible dictators," Public Economics 9705001, EconWPA, revised 07 May 1997. [Downloadable!]
    Other versions:
  11. Jacek Cukrowski & Manfred M. Fischer, 2007. "Efficient organization of information processing," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 13-26. [Downloadable!]
  12. Jihong Lee, 2007. "Unforeseen Contingency and Renegotiation with Asymmetric Information," Birkbeck Working Papers in Economics and Finance 0717, Birkbeck, School of Economics, Mathematics & Statistics. [Downloadable!]
    Other versions:
  13. Markus Pasche, 2001. "Equilibrium Concepts for Boundedly Rational Behavior in Games," Working Paper Series B 2001-03, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultïät. [Downloadable!]
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