Boundedly Rational Decision Emergence - A General Perspective and Some Selective Illustrations

Werner Gueth ()
Authors registered in the RePEc Author Service: Werner Güth ()

No CESifo Working Paper No. 330, CESifo Working Paper Series from CESifo GmbH

Abstract: A general framework is described specifying how boundedly rational decision makers generate their choices. Starting from a "Master Module" which keeps an inventory of previously successful and unsuccessful routines several submodules can be called forth which either allow one to adjust behavior (by "Learning Module" and "Adaptation Procedure") or to generate new decision routines (by applying "New Problem Solver"). Our admittedly bold attempt is loosely related to some stylized experimental results.

JEL-codes: B40 C70 C90 D00 (search for similar items in EconPapers)
Date: 2000
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