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image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Games and Economic B...arrow_drop_down
image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
Games and Economic Behavior
Article . 1997 . Peer-reviewed
License: Elsevier TDM
Data sources: Crossref
image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
zbMATH Open
Article . 1997
Data sources: zbMATH Open
https://doi.org/10.1007/978-3-...
Part of book or chapter of book . 1997 . Peer-reviewed
Data sources: Crossref
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Rationality and Bounded Rationality

Rationality and bounded rationality
Authors: Aumann, Robert J.;

Rationality and Bounded Rationality

Abstract

The author enumerates five objections against various economic models. In particular, he argues that there is no unified theory of bounded rationality, but that the development of computer science, complexity theory and so on created an intellectual climate conducive to the development of the theory of bounded rationality. Specially, the preparation of the computer programs has been essential in this direction. The first part discusses the evolutionary approach to optimization (and specifically to game theory) and some of its implications for the idea of bounded rationality such as the development of truly dynamic theories of games and the idea of ``rule rationality''. Part 2 comes with the area of ``trembles'', including equilibrium refinements, ``crazy'' perturbations, failure of common knowledge of rationality. Part 3 deals with players who are modeled as computers. Part 4 discusses the work on the foundations of decision theory that deals with various paradoxa and with results of laboratory experiments by relaxing various of the postulates and so coming up with a weaker theory.

Related Organizations
Keywords

trembles, Decision theory for games, equilibrium refinements, bounded rationality

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
211
Top 1%
Top 1%
Average
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