The computational complexity of rationalizing boundedly rational choice behavior
نویسندگان
چکیده
منابع مشابه
Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods
Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts ...
متن کاملThe computational complexity of rationalizing Pareto optimal choice behavior
We consider a setting where a coalition of individuals chooses one or several alternatives from each set in a collection of choice sets. We examine the computational complexity of Pareto rationalizability. Pareto rationalizability requires that we can endow each individual in the coalition with a preference relation such that the observed choices are Pareto efficient. We differentiate between t...
متن کاملA Model of Boundedly Rational Consumer Choice
The paper presents an extended version of the standard textbook problem of consumer choice. As usual, agents have to decide about their desired quantities of various consumption goods, at the same time taking into account their limited budget. Prices for the goods are not fixed but arise from a Walrasian interaction of total demand and a stylized supply function for each of the goods. After sho...
متن کاملFoundations of Boundedly Rational Choice and Satisficing Decisions
Formally, the orthodox rational agent’s “Olympian” choices, as Simon has called orthodox rational choice, are made in a static framework. However, a formalization of consistent choice, underpinned by computability, suggests by, satisficing in a boundedly rational framework is not only more general than the model of “Olympian” rationality, it is also consistently dynamic. This kind of naturally ...
متن کاملTwo-stage boundedly rational choice procedures: Theory and experimental evidence
We study and test a class of boundedly rational models of decision making which rely on sequential eliminative heuristics. We formalize two sequential decision procedures, both inspired by plausible models popular among several psychologists and marketing scientists. However we follow a standard ‘revealed preference’ economic approach by fully characterizing these procedures by few, simple and ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2011
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2011.05.001