Rubinstein A., Modeling bounded rationality.pdf

Modeling Bounded

Rationality

Zeuthen Lecture Book Series

Karl Gunnar Persson, editor

Modeling Bounded Rationality, Ariel Rubinstein

Modeling Bounded

Rationality

Ariel Rubinstein

The MIT Press

Cambridge, Massachusetts

London, England

electronic or mechanical means (including photocopying, recording, or information

storage and retrieval) without permission in writing from the publisher.

This book was set in Palatino using Ventura Publisher under Windows 95 by

Wellington Graphics.

Printed and bound in the United States of America.

Library of Congress Cataloging-in-Publication Data

Rubinstein, Ariel.

Modeling bounded rationality / Ariel Rubinstein.

p. cm. — (Zeuthen lecture book series)

Includes bibliographical references (p. ) and index.

ISBN 0-262-18187-8 (hardcover : alk. paper). — ISBN 0-262-68100-5 (pbk. : alk.

paper)

1. Decision-making. 2. Economic man. 3. Game theory. 4. Rational expectations

(Economic theory) I. Title. II. Series.

HD30.23.R83 1998 97-40481

153.8

3—dc21 CIP

′

Contents

Series Foreword ix

Preface xi

Introduction 1

1 “Modeling” and “Bounded Rationality” 1

2 The Aim of This Book 2

3 The State of the Art 3

4A rsl te 5

5 Bibliographic Notes 5

1 Bounded Rationality in Choice 7

1.1 The “Rational Man” 7

1.2 The Traditional Economist’s Position 10

1.3 The Attack on the Traditional Approach 13

1.4 Experimental Evidence 16

1.5 Comments 21

1.6 Bibliographic Notes 23

1.7 Projects 24

2 Modeling Procedural Decision Making 25

2.1 Motivation 25

2.2 Preparing the Tools: Similarity Relations 28

2.3 A Procedure of Choice Between Vectors 29

2.4 Analysis 31

2.5 Case-Based Theory 34

2.6 Bibliographic Notes 37

2.7 Projects 37

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