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Philosophical, Psychological and Economic Aspects of Choice Making

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  • Hermann Brandstätter
  • Werner Güth
  • Hartmut Kliemt

Abstract

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.

Suggested Citation

  • 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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    File URL: ftp://papers.econ.mpg.de/esi/discussionpapers/2003-06.pdf
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    References listed on IDEAS

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    Cited by:

    1. Glauben, Thomas & Loy, Jens-Peter & Körner, Julia, 2007. "Der Einfluss der Euro-Einführung auf die Preisentwicklung bei frischen Lebensmitteln in Deutschland," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 127(3), pages 457-485.
    2. Werner Güth, 2005. "On Inequity Aversion," Papers on Strategic Interaction 2005-24, Max Planck Institute of Economics, Strategic Interaction Group.

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