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
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09672567.2019.1626461 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:26:y:2019:i:5:p:973-1002

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/REJH20

DOI: 10.1080/09672567.2019.1626461

Access Statistics for this article

The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso

More articles in The European Journal of the History of Economic Thought from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().