Exponential Satisficing
نویسندگان
چکیده
We propose the exponential satisficing model of boundedly rational decision-making, a general-purpose tool designed for use in typical microeconomic applications. The posits that preferences perceived and acted upon by agent are stochastic coarsening his or her true, welfare-significant preferences. decision-maker’s perceptual capabilities controlled preference resolution parameter, which smoothly varies impact cognitive constraints on choice. To demonstrate implementation model, it is applied to duopolistic price competition with consumers normal-form games players. (JEL D01, D80, D90)
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ژورنال
عنوان ژورنال: American Economic Journal: Microeconomics
سال: 2021
ISSN: ['1945-7669', '1945-7685']
DOI: https://doi.org/10.1257/mic.20180301