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Information Processing and Bounded Rationality: A Survey

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  • Barton L. Lipman

Abstract

This paper surveys recent attempts to formulate a plausible and tractable model of bounded rationality. The author focuses in particular on models that view bounded rationality as stemming from limited information processing. He discusses partitional models (such as computability, automata, perceptions, and optimal networks), nonpartitional models, and axiomatic approaches.

Suggested Citation

  • Barton L. Lipman, 1995. "Information Processing and Bounded Rationality: A Survey," Canadian Journal of Economics, Canadian Economics Association, vol. 28(1), pages 42-67, February.
  • Handle: RePEc:cje:issued:v:28:y:1995:i:1:p:42-67
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    4. Ronald W. Jones & Douglas D. Purvis, 1981. "International Differences in Response to Common External Shocks: The Role of Purchasing Power Parity," Working Papers 419, Queen's University, Department of Economics.
    5. Alvin E Roth, 2008. "Axiomatic Models of Bargaining," Levine's Working Paper Archive 122247000000002376, David K. Levine.
    6. Frenkel, Jacob A & Razin, Assaf, 1986. "Fiscal Policies in the World Economy," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 564-594, June.
    7. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
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