Arbeitspapier

How to cope with (new) uncertainties: A bounded rationality approach

A rigorous reconstruction of scenario-based real choice making reveals the incompleteness of decision-modeling and the practical prevalence of uncertainty. Theoretically complete models conceal it. As a remedy a scenario-based procedure of coping with uncertainty can prescribe how the boundedly rational decision-maker should proceed from her or his internal point of view. Though models of substantive rationality cannot serve as guidance for decision-making under uncertainty, we can improve prescriptions for coping with uncertainties in view of evidence of substantive success or failure. Decision theory should aim for a reflective equilibrium incorporating internalist-prescriptive and externalist-descriptive aspects to turn good into better practice.

Sprache
Englisch

Erschienen in
Series: Economics Discussion Papers ; No. 2015-46

Klassifikation
Wirtschaft
Information, Knowledge, and Uncertainty: General
Microeconomic Behavior: Underlying Principles
Firm Behavior: Theory
Thema
uncertainty
procedural rationality
satisficing
risk-communication

Ereignis
Geistige Schöpfung
(wer)
Güth, Werner
Kliemt, Hartmut
Ereignis
Veröffentlichung
(wer)
Kiel Institute for the World Economy (IfW)
(wo)
Kiel
(wann)
2015

Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Güth, Werner
  • Kliemt, Hartmut
  • Kiel Institute for the World Economy (IfW)

Entstanden

  • 2015

Ähnliche Objekte (12)