Bounded Rationality in Choice Theory: A Survey

Geoffroy de Clippel and Kareen Rozen

Journal of Economic Literature, 2024, vol. 62, issue 3, 995-1039

Abstract: A vibrant literature incorporates elements of bounded rationality into choice theory. We survey this work, discussing five central ways in which the literature has modeled departures from the rational choice procedure. We discuss the variety of purposes axiomatic choice characterizations serve for these positive theories, delve into experimental tests, synthesize the welfare debate, and assess important future directions.

JEL-codes: D11 D44 D60 D83 D91 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1257/jel.20231592

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