Artikel
Boundedly rational backward induction
This paper proposes simple axioms that characterize a generalization of backward induction. At any node of a decision tree, the decision maker looks forward a fixed number of stages perfectly. Beyond that, the decision maker aggregates continuation values according to a function that captures reasoning under unpredictability. The model is uniquely identified from the decision maker's preference over decision trees. Confronting a decision tree, the decision maker iteratively revises her plan for the future as she moves forward in the decision tree. A comparative measure of unpredictability aversion and several examples are discussed.
- Sprache
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Englisch
- Erschienen in
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Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 14 ; Year: 2019 ; Issue: 1 ; Pages: 103-134 ; New Haven, CT: The Econometric Society
- Klassifikation
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Wirtschaft
Microeconomics: General
- Thema
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Dynamic choice
imperfect foresight
time inconsistency
- Ereignis
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Geistige Schöpfung
- (wer)
-
Ke, Shaowei
- Ereignis
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Veröffentlichung
- (wer)
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The Econometric Society
- (wo)
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New Haven, CT
- (wann)
-
2019
- DOI
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doi:10.3982/TE2402
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Ke, Shaowei
- The Econometric Society
Entstanden
- 2019
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