Semi-normative theories of bounded rationality – back to German roots

Katharina Friederike Sträter

The European Journal of the History of Economic Thought, 2019, vol. 26, issue 5, 973-1002

Abstract: The ascent of behavioral economics suggests reviving bounded rationality models that have so far been sidelined in neo-classical economics. Applications of aspiration-based satisficing to negotiations are a case in point. Background, core ideas and theoretical components of so-called Dynamic Aspiration Balance Theory (DABT) are re-introduced to show that DABT can account for bargaining behavior in terms of what has become known as fast and frugal heuristics. A revival of interest in so-called (semi-) normative theories that can be traced back to forerunners from the 1970s and 1980s may open up promising perspectives for future research.

Date: 2019
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DOI: 10.1080/09672567.2019.1626461

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The European Journal of the History of Economic Thought is currently edited by Richard Sturn, Hans Michael Trautwein, Muriel Dal-Pont-Legrand and Maxime Desmarais-Tremblay

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