A mathematical model for consumers based on aspiration adaptation theory and bounded rationality

Nicolas Marciales Parra ()
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Nicolas Marciales Parra: Santo Tomas University, Colombia

Review of Applied Socio-Economic Research, 2013, vol. 5, issue 1, 136-143

Abstract: This paper describes characteristics of a discrete - time model for a consumers group through bounded rationality theory, where the basis of decision-making is the Aspiration Adaptation Theory (Selten, 1998). Each consumer try to imitate the decision of others related to them based in last time period observation, as long as they are connected by no directed and no weight graph. The models consist of some algorithms for imitation process, income raise through education and the extreme cases. Finally, the paper shows conclusions and extensions.

Keywords: aspiration adaptation theory; bounded rationality; imitation; consumer's theory (search for similar items in EconPapers)
JEL-codes: C63 D03 D71 D81 D85 (search for similar items in EconPapers)
Date: 2013
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