We show that whenever a decision maker reasons about an optimal decision he is able to find one, even with non-transitive preferences. The existence of a reasoning process allows him to strategically manipulate how he reasons. A reasoning strategy that is robust against (finite) deviations is...

In this paper we analyze a dynamic, asset pricing model where an arbitrary number of heterogeneous, procedurally rational investors divide their wealth between two assets. Both fundamental dividend process and behavior of traders are modeled in a very general way. In particular, agents' choices...

This article focuses on management indicators, their emergence, theirs functions and their impact for a public action. It does so through an analysis of the implementation of indicators in three forest management units in Belgium, France and Luxembourg. M. Crozier theory and M. Callon theory are...

The rationality (its presence or its absence) of the business, be it producer or consumer, has been a constant preoccupation of all those who dedicated their energy and talent on the sinuous road of the history of economic thinking. Without rational behaviour it was inconceivable to determine a...

Many decision models in marketing science and psychology assume that a consumer chooses by proceeding sequentially through a checklist of desirable properties. These models are contrasted to the utility maximization model of rationality in economics. We show on the contrary that the two...

A sophisticated player is an individual who takes the action of the opponents, in a strategic situation, as determined by decision of rational opponents, and acts accordingly. A sophisticated agent is rational in the choice of his action, but ignores the fact that he is part of a strategic...

We study boundedly rational players in an interactive situation. Each player follows a simple choice procedure in which he reacts optimally against a combination of actions of his opponents drawn at random from the distribution generated by a player's beliefs. By imposing a consistency...

Mathematical algorithms often fail to identify in time when the international financial crises occur although, as the classical theory of choice would suggest, the economic agents are rational and the markets are or should be efficient and behave also rationally. This contribution tries to...

This article focuses on management indicators, their emergence, theirs functions and their impact for a public action. It does so through an analysis of the implementation of indicators in three forest management units in Belgium, France and Luxembourg. M. Crozier theory and M. Callon theory are...

The impact of different financing alternatives on two simple models of the university system is analysed in this paper. Both models are agent - based, the reason is that we analyse a system of heterogeneous universities instead of a representative university. Models differ in the rules for the...