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
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Series: Economics Discussion Papers ; No. 2015-46
- Klassifikation
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Wirtschaft
Information, Knowledge, and Uncertainty: General
Microeconomic Behavior: Underlying Principles
Firm Behavior: Theory
- Thema
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uncertainty
procedural rationality
satisficing
risk-communication
- Ereignis
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Geistige Schöpfung
- (wer)
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Güth, Werner
Kliemt, Hartmut
- Ereignis
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Veröffentlichung
- (wer)
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Kiel Institute for the World Economy (IfW)
- (wo)
-
Kiel
- (wann)
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2015
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Güth, Werner
- Kliemt, Hartmut
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2015