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Bounded Rationality and Limited Datasets

  • Geoffroy de Clippel
  • Kareen Rozen

Theories of bounded rationality are typically characterized over an exhaustive data set. How does one tell whether observed choices are consistent with a theory if the data is incomplete? How can out-of-sample predictions be made? What can be identified about preferences? This paper aims to operationalize some leading bounded rationality theories when the available data is limited, as is the case in most practical settings. We also point out that the recent bounded rationality literature has overlooked a methodological pitfall that can lead to 'false positives' and 'empty' out-of-sample predictions when testing choice theories with limited data.

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Paper provided by www.najecon.org in its series NajEcon Working Paper Reviews with number 786969000000000487.

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Date of creation: 15 Aug 2012
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Handle: RePEc:cla:najeco:786969000000000487
Contact details of provider: Web page: http://www.najecon.org/

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  1. Yusufcan Masatlioglu & Daisuke Nakajima & Erkut Y. Ozbay, 2012. "Revealed Attention," American Economic Review, American Economic Association, vol. 102(5), pages 2183-2205, August.
  2. Christopher J. Tyson, 2012. "Behavioral Implications of Shortlisting Procedures," Working Papers 697, Queen Mary University of London, School of Economics and Finance.
  3. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
  4. Paola Manzini & Marco Mariotti, 2012. "Categorize Then Choose: Boundedly Rational Choice And Welfare," Journal of the European Economic Association, European Economic Association, vol. 10(5), pages 1141-1165, October.
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