Bounded Rationality and Theory Absorption

Werner Güth () and Hartmut Kliemt ()
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Hartmut Kliemt: Dept. of Philosophy, University of Duisburg-Essen, Duisburg, Germany

Homo Oeconomicus, 2004, vol. 21, pages 521-541

Abstract: In plausible theories of bounded rationality actors are not stimulus-response machines but human beings. As such they are guided by theories that predict the course of the world and prescribe how they should try to intervene in that course. Since boundedly rational human beings cannot only observe but can also modify their theories, in particular if they are not satis?ed with the results, a self-application of concepts of boundedly rational behaviour to theory choice and an inquiry of theory absorption seems natural. The paper explores by means of speci?c examples some issues that are raised by combining the concept of satisficing behaviour with that of theory absorption.

Date: 2004
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