Artikel
(Un)bounded rationality in decision making and game theory: Back to square one?
Game and decision theory start from rather strong premises. Preferences, represented by utilities, beliefs represented by probabilities, common knowledge and symmetric rationality as background assumptions are treated as 'given.' A richer language enabling us to capture the process leading to what is 'given' seems superior to the stenography of decision making in terms of utility cum probability. However, similar to traditional rational choice modeling, boundedly rational choice modeling, as outlined here, is far from being a 'global' theory with empirical content; rather it serves as a tool to formulate 'local' theories with empirical content.
- Language
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Englisch
- Bibliographic citation
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Journal: Games ; ISSN: 2073-4336 ; Volume: 1 ; Year: 2010 ; Issue: 1 ; Pages: 53-65 ; Basel: MDPI
- Classification
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Wirtschaft
Game Theory and Bargaining Theory: General
Economic Methodology: General
Relation of Economics to Other Disciplines
- Subject
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bounded rationality
methodology of decision
game theory
- Event
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Geistige Schöpfung
- (who)
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Güth, Werner
Kliemt, Hartmut
- Event
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Veröffentlichung
- (who)
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MDPI
- (where)
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Basel
- (when)
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2010
- DOI
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doi:10.3390/g1010053
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Güth, Werner
- Kliemt, Hartmut
- MDPI
Time of origin
- 2010
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