Features of Experimentally Observed Bounded Rationality

On the basis of experimental evidence reported in the literature the paper draws conclusions about the bounded rationality exhibited by human economic behaviour. Among the topics discussed are presentation effects caused by superficial analysis, strategic reasoning and strategy construction based on reciprocity and fairness, avoidance of circular concepts in step by step strategic reasoning, ex-post rationality and learning direction theory, presence of both adaptive and analytic approaches to repeated decision tasks, and the absence of quantitative expectations and optimization in typical repeated game strategies

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Authors:	Selten, Reinhard
Institutions:	University of Bonn, Germany
Subject:	Bounded rationality \| experiments \| strategic interaction

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Series:	Discussion Paper Serie B.
Type of publication:	Book / Working Paper
Classification:	C70 - Game Theory and Bargaining Theory. General ; C90 - Design of Experiments. General ; D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; D83 - Search, Learning, Information and Knowledge
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004968285