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Modeling Bounded Rationality
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Modeling Bounded Rationality
by Ariel Rubinstein
Publisher: The MIT Press 1997
ISBN/ASIN: 0262681005
ISBN-13: 9780262681001
Number of pages: 220
Description:
The notion of bounded rationality was initiated in the 1950s by Herbert Simon; only recently has it influenced mainstream economics. In this book, Ariel Rubinstein defines models of bounded rationality as those in which elements of the process of choice are explicitly embedded. The book focuses on the challenges of modeling bounded rationality, rather than on substantial economic implications.