Archivio per 5 giugno 2012

05
Giu
12

Icosystem_2000_Nature_Inspiration-for-optimization-from-social-insect-behaviour.pdf

See on Scoop.itBounded Rationality and Beyond

See on icosystem.com

Annunci
05
Giu
12

BEHAVIORAL ECONOMICS PERSPECTIVES ON PUBLIC SECTOR PENSION PLANS

See on Scoop.itBounded Rationality and Beyond
We thank Gwen Reynolds, Janelle Schlossberger, Jessica Zeng, Arash Alidoust, and John Klopfer
for their help in going through state, county and city pension documents, calling many public pension
offices, and compiling and analyzing the resulting data. Karl Scholz and the other participants in the
NBER State and Local Pensions Conference provided many helpful comments. Financial support from
the National Institute on Aging (grants R01-AG021650 and P01-AG005842) is gratefully acknowledged.
The opinions and conclusions expressed are solely those of the authors. The views expressed herein
are those of the authors and do not necessarily reflect the views of the National Bureau of Economic
Research.
See on dash.harvard.edu

05
Giu
12

Putnam – The Collapse of the Fact-Value Dichotomy and Other Essays. 2002

See on Scoop.itBounded Rationality and Beyond

The idea that  “value judgments are subjective ” is a piece of philosophy come to be accepted by many people as if it were common sense. …

See on www.scribd.com

05
Giu
12

RePub: Computational and Game-Theoretic Approaches for Modeling Bounded Rationality

See on Scoop.itBounded Rationality and Beyond

This thesis studies various computational and game-theoretic approaches to economic modeling. Unlike traditional approaches to economic modeling, the approaches studied in this thesis do not rely on the assumption that economic agents behave in a fully rational way. Instead, economic agents are assumed to be boundedly rational. Abandoning the assumption of full rationality has a number of consequences for the way in which economic reality is being modeled. Traditionally, economic models are mostly of a static nature and have a strong focus on deriving equilibria. Also, models are usually analyzed mathematically. In models of boundedly rational behavior, dynamic elements play a much more prominent role and there is less emphasis on equilibrium behavior. Also, to analyze models of boundedly rational behavior, researchers not only use mathematical techniques but they also rely heavily on computer simulations. This thesis presents four studies into the modeling of boundedly rational behavior of economic agents. Two studies are concerned with investigating the emergence of cooperation among boundedly rational agents. One study focuses on cooperation among firms in a Cournot oligopoly market, while the other study examines cooperation in a spatial model of price-competing firms. The other two studies in this thesis are concerned with methodological issues in the use of evolutionary algorithms for economic modeling purposes. One study shows how evolutionary algorithms can be analyzed mathematically rather than using computer simulations. The other study criticizes the use of a so-called binary encoding in evolutionary algorithms.

See on repub.eur.nl

05
Giu
12

RePub: Context Effects in Valuation, Judgment and Choice: A Neuroscientific Approach

See on Scoop.itBounded Rationality and Beyond

(full text) It is well known that our choices and judgments depend on the context. For instance, prior experiences can influence subsequent decisions. People tend to make riskier decisions if they have a chance to win back a previous loss or if they can gamble with previously won money. Another example of context is social environment. People often change their judgments to conform to observed group behavior. Since the reasons driving such context effects are less clear, this dissertation explores the mechanisms behind behavioral patterns with the help of a modern neuroscience technique, functional magnetic resonance imaging. The dissertation concentrates particularly on choice and judgment in risky and in social settings. It consists of three parts. The first part provides a primer on the methodology of neuroeconomics and a synthesis of the body of knowledge on the brain mechanisms of valuation and choice. The second part investigates risk behavior in sequential choice situations. The findings suggest that decision makers tend to take excessive risk after both wins and losses, due to increasing affective arousal and decreasing control. The third part of this dissertation focuses on the influence of social context on judgment. Results indicate that people automatically learn to behave as others do—being different from others is processed in the brain in a similar way to behavioral errors. This indicates the great power of relevant social groups in influencing our behavior. Overall, this dissertation highlights the reasons behind context dependency and demonstrates the power of modern neuroscientific methods for understanding economic behavior.

See on repub.eur.nl

05
Giu
12

Amazon.com: The Heuristics Debate (9780199755608): Mark Kelman: Books

See on Scoop.itBounded Rationality and Beyond

All of us use heuristics–that is, we reach conclusions using shorthand cues without using or analyzing all of the available information. Heuristics pervade all aspects of life, from the most mundane practices to more important ones, like economic decision making and politics. People may decide how fast to drive merely by mimicking others around them or decide in which safety project to invest public resources based on the past disasters most readily called to mind. Not surprisingly, opinions vary about our tendency to use heuristics. The ‘heuristics and biases’ school argues that the practice often leads to outcomes that are not ideal: people act on too little information, make incorrect assumptions, and don’t understand the consequences of their actions. The ‘fast and frugal’ school contends that while mistakes will inevitably occur, the benefits generally outweigh the costs–not only because using heuristics enables us to reach judgments given realistic constraints of time and attention, but because heuristics users often outperform those using more conventionally rational methods.

In The Heuristics Debate, Mark Kelman takes a step back from the chaos of competing academic debates to consider what we have learned–and still need to learn–about the way people actually make decisions. In doing so, Kelman uncovers a powerful tool for understanding the relationship between human reasoning and public policy. Can we figure out more optimal modes of disclosure to consumers or better rules of evidence and jury instructions if we understand more accurately how people process information? Can we figure out how best to increase compliance with law if we understand how people make decisions about whether or not to comply? Alongside a penetrating analysis of the various schools of thought on heuristics, Kelman offers a comprehensive account of how distinct conceptions of the role and nature of heuristic reasoning shape–and misshape–law and policy in America. The Heuristics Debate is a groundbreaking work that will change how we think about the relationship between human psychology, the law, and public policy.

See on www.amazon.com

05
Giu
12

Long-Term Care, Altruism and Socialization – Grégory Ponthière

See on Scoop.itBounded Rationality and Beyond
The public provision of long-term care (LTC) can replace familyprovided LTC when adults are not su¢ ciently altruistic towards their
elderly parents. But State intervention can also modify the transmission of values and reduce the long-run prevalence of family altruism in the population. That evolutionary e§ect questions the desirability of the LTC public provision. To characterize the optimal LTC policy, we develop a three-period OLG model where the population is divided into altruistic and non-altruistic agents, and where the transmission of (non) altruism takes place through a socialization process ‡ la Bisin and Verdier (2001).
The optimal short-run and long-run LTC policies are shown to di§er, to an extent varying with the particular socialization mechanism at work.
See on halshs.archives-ouvertes.fr




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