See on Scoop.it – Bounded Rationality and Beyond
A text book on models of bounded rationality. The series of lectures that constitute the chapters in this book concerns modeling bounded rationality. The choice of the title “modeling bounded rationality” rather than “models of bounded rationality” or “economic models of bounded rationality” emphasizes that the focus is not on substantive conclusions derived from the models but on the tools themselves. As to the term bounded rationality, putting fences around a field is often viewed as a picky activity. Nonetheless, it is important in this case in that the term has been used in many ways, sometimes just to say that we deal with incomplete (or bad) models. Lying within the domain of this investigation are models in which elements of the process of choice are embedded explicitly. Usually, economic models do not spell out the procedures by which decisions of the economic units are made; here, we are interested in models in which procedural aspects of decision making are explicitly included.
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