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Philosophical, Psychological and Economic Aspects of Choice Making


  • Hermann Brandstätter
  • Werner Güth
  • Hartmut Kliemt


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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  • Hermann Brandstätter & Werner Güth & Hartmut Kliemt, "undated". "Philosophical, Psychological and Economic Aspects of Choice Making," Papers on Strategic Interaction 2003-06, Max Planck Institute of Economics, Strategic Interaction Group.
  • Handle: RePEc:esi:discus:2003-06

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    References listed on IDEAS

    1. 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 366-380, June.
    2. Sugden, Robert, 1991. "Rational Choice: A Survey of Contributions from Economics and Philosophy," Economic Journal, Royal Economic Society, vol. 101(407), pages 751-785, July.
    3. Werner Güth & Hartmut Kliemt & Axel Ockenfels, 2001. "Retributive Responses," Journal of Conflict Resolution, Peace Science Society (International), vol. 45(4), pages 453-469, August.
    4. 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.
    5. 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.
    6. Selten, Reinhard, 1996. "Aspiration Adaptation Theory," Discussion Paper Serie B 389, University of Bonn, Germany.
    7. 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.
    8. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December.
    9. 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.
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