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A non-Bayesian approach to (un)bounded rationality
Güth, Werner - 2007
Can one define and test the hypothesis of (un)bounded rationality in stochastic choice tasks without endorsing … decrease that for other states. We show that this allows to relate optimality more easily to bounded rationality where we … such choice is used, we speak of satisficing which may or may not be optimal. …
Persistent link: https://www.econbiz.de/10010263798
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A Non-Bayesian Approach to (Un)Bounded Rationality
Güth, Werner - Wirtschaftswissenschaftliche Fakultät, … - 2007
Can one define and test the hypothesis of (un)bounded rationality in stochastic choice tasks without endorsing … decrease that for other states. We show that this allows to relate optimality more easily to bounded rationality where we … such choice is used, we speak of satisficing which may or may not be optimal. …
Persistent link: https://www.econbiz.de/10005090494
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Prior-Free Optimality and Satisficing - A Common Framework and its Experimental Implementation -
Güth, Werner - Wirtschaftswissenschaftliche Fakultät, … - 2008
optimality prescribes usually a unique (set of) choice(s). Satisfiable aspirations in the sense that there exists some choice …-free optimality experimentally. …
Persistent link: https://www.econbiz.de/10005090519
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A Non-Bayesian Approach to (Un)Bounded Rationality
Güth, Werner - 2007
Can one deamp;#64257;ne and test the hypothesis of (un)bounded rationality in stochastic choice tasks without endorsing … without having to decrease that for other states. We show that this allows to relate optimality more easily to bounded …-speciamp;#64257;c aspirations and if one such choice is used, we speak of satisficing which may or may not be optimal …
Persistent link: https://www.econbiz.de/10012775826
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Prior-free optimality and satisficing : a common framework and its experimental implementation
Güth, Werner (contributor) - 2008
-free optimality experimentally. -- Satisficing ; bounded rationality ; optimality … optimality prescribes usually a unique (set of) choice(s). Satisfiable aspirations in the sense that there exists some choice …
Persistent link: https://www.econbiz.de/10003733760
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Biased probability judgment : evidence of incidence and relationship to economic outcomes from a representative sample
Dohmen, Thomas; Falk, Armin; Huffman, David; Marklein, Felix - 2009
Many economic decisions involve a substantial amount of uncertainty, and therefore crucially depend on how individuals process probabilistic information. In this paper, we investigate the capability for probability judgment in a representative sample of the German population. Our results show...
Persistent link: https://www.econbiz.de/10003845575
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Choice by iterative search
Masatlioglu, Yusufcan; Nakajima, Daisuke - In: Theoretical economics : TE ; an open access journal in … 8 (2013) 3, pp. 701-728
When making choices, decision makers often either lack information about alternatives or lack the cognitive capacity to analyze every alternative. To capture these situations, we formulate a framework to study behavioral search by utilizing the idea of consideration sets. Consumers engage in a...
Persistent link: https://www.econbiz.de/10011685228
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Random categorization and bounded rationality
Aguiar, Victor H. - 2016 - This version: August 2016
In this study we introduce a new stochastic choice rule that categorizes objects in order to simplify the choice procedure. At any given trial, the decision maker deliberately randomizes over mental categories and chooses the best item according to her utility function within the realized...
Persistent link: https://www.econbiz.de/10011526886
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Beyond quantified ignorance : rebuilding rationality without the bias bias
Brighton, Henry - 2019
theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a …
Persistent link: https://www.econbiz.de/10011990913
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Statistical foundations of ecological rationality
Brighton, Henry - 2020
theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a …
Persistent link: https://www.econbiz.de/10012159880