Bounded Rationality and Theory Absorption

Werner Güth () and Hartmut Kliemt

Papers on Strategic Interaction from Max Planck Institute of Economics, Strategic Interaction Group

Abstract: In plausible theories of bounded rationality actors are not stimulus-response machines but human beings. As such they are guided by theories that predict the course of the world and prescribe how they should try to intervene in that course. Since boundedly rational human beings cannot only observe but can also modify their theories, in particular if they are not satisfied with the results, a self-application of concepts of boundedly rational behavior to theory choice and an inquiry of theory absorption seems natural. The paper explores by means of specific examples some issues that are raised by combining the concept of satisficing behavior with that of theory absorption.

Pages: 16 pages
Date: 2004-05
New Economics Papers: this item is included in nep-cbe, nep-evo and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

Downloads: (external link)
ftp://papers.econ.mpg.de/esi/discussionpapers/2004-27.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Failed to connect to FTP server papers.econ.mpg.de: No such host is known.

Related works:
Journal Article: Bounded Rationality and Theory Absorption (2004)
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:esi:discus:2004-27

Ordering information: This working paper can be ordered from
http://www.econ.mpg. ... arch/ESI/discuss.php

Access Statistics for this paper

More papers in Papers on Strategic Interaction from Max Planck Institute of Economics, Strategic Interaction Group Contact information at EDIRC.
Bibliographic data for series maintained by Karin Richter ( this e-mail address is bad, please contact ).