Bounded Rational Choice Behaviour
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Bounded Rational Choice Behaviour
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Author : Soora Rasouli
language : en
Publisher: Emerald Group Publishing
Release Date : 2015-01-30
Bounded Rational Choice Behaviour written by Soora Rasouli and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-30 with Transportation categories.
The book is an attempt to stimulate development in travel behaviour analysis and provide a basic source of reference to the transportation research community. The aim of the book is to give centre stage to some recent innovative approaches to models of bounded rationality, both under conditions of certainty and uncertainty.
Bounded Rationality And Industrial Organization
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Author : Ran Spiegler
language : en
Publisher: Oxford University Press
Release Date : 2011-02-18
Bounded Rationality And Industrial Organization written by Ran Spiegler and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-18 with Business & Economics categories.
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Bounded Rationality And Public Policy
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Author : Alistair Munro
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-06-10
Bounded Rationality And Public Policy written by Alistair Munro and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-10 with Business & Economics categories.
This book is about bounded rationality and public policy. It is written from the p- spective of someone trained in public economics who has encountered the enormous literature on experiments in decision-making and wonders what implications it has for the normative aspects of public policy. Though there are a few new results or models, to a large degree the book is synthetic in tone, bringing together disparate literatures and seeking some accommodation between them. It has had a long genesis. It began with a draft of a few chapters in 2000, but has expanded in scope and size as the literature on behavioural economics has grown. At some point I realised that the geometric growth of behavioural - search and the arithmetic growth of my writing were inconsistent with an am- tion to be exhaustive. As such therefore I have concentrated on particular areas of behavioural economics and bounded rationality. The resulting book is laid out as follows: Chapter 1 provides an overview of the rest of the book, goes through some basic de?nitions and identi?es themes.
Bounded Rationality And Behavioural Economics
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Author : Graham Mallard
language : en
Publisher: Routledge
Release Date : 2015-08-14
Bounded Rationality And Behavioural Economics written by Graham Mallard and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-14 with Business & Economics categories.
Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.
Bounded Rationality
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Author : Gerd Gigerenzer
language : en
Publisher: MIT Press
Release Date : 2002-07-26
Bounded Rationality written by Gerd Gigerenzer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-07-26 with Business & Economics categories.
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Rational Choice Theory
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-02-12
Rational Choice Theory written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-12 with Business & Economics categories.
What is Rational Choice Theory Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Rational choice theory Chapter 2: Microeconomics Chapter 3: Neoclassical economics Chapter 4: Utility Chapter 5: Public choice Chapter 6: Bounded rationality Chapter 7: Homo economicus Chapter 8: Arrow's impossibility theorem Chapter 9: Behavioral economics Chapter 10: Prospect theory Chapter 11: Consumer choice Chapter 12: Decision theory Chapter 13: Structure and agency Chapter 14: Expected utility hypothesis Chapter 15: Ellsberg paradox Chapter 16: Robert Sugden (economist) Chapter 17: Preference (economics) Chapter 18: Preference Chapter 19: Rational choice institutionalism Chapter 20: Altruism theory of voting Chapter 21: Formalist-substantivist debate (II) Answering the public top questions about rational choice theory. (III) Real world examples for the usage of rational choice theory in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Rational Choice Theory.
Rational Choice In An Uncertain World
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Author : Reid Hastie
language : en
Publisher: SAGE
Release Date : 2010
Rational Choice In An Uncertain World written by Reid Hastie and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Psychology categories.
In the Second Edition of Rational Choice in an Uncertain World the authors compare the basic principles of rationality with actual behaviour in making decisions. They describe theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well. The Second Edition includes: - more coverage on the role of emotions, happiness, and general well-being in decisions - a summary of the new research on the neuroscience of decision processes - more discussion of the adaptive value of (non-rational heuristics) - expansion of the graphics for decision trees, probability trees, and Venn diagrams.
Politics And The Architecture Of Choice
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Author : Bryan D. Jones
language : en
Publisher: University of Chicago Press
Release Date : 2001-05
Politics And The Architecture Of Choice written by Bryan D. Jones and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05 with Business & Economics categories.
Politics and the Architecture of Choice draws on work in political science, economics, cognitive science, and psychology to offer an innovative theory of how people and organizations adapt to change and why these adaptations don't always work. Our decision-making capabilities, Jones argues, are both rational and adaptive. But because our rationality is bounded and our adaptability limited, our actions are not based simply on objective information from our environments. Instead, we overemphasize some factors and neglect others, and our inherited limitations—such as short-term memory capacity—all act to affect our judgment. Jones shows how we compensate for and replicate these limitations in groups by linking the behavioral foundations of human nature to the operation of large-scale organizations in modern society. Situating his argument within the current debate over the rational choice model of human behavior, Jones argues that we should begin with rationality as a standard and then study the uniquely human ways in which we deviate from it.
Which Psychological Processes Are Involved In Intentional Buying And How Rational Is The Buyer
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Author : Vladislav Tsekov
language : en
Publisher:
Release Date : 2018-10-29
Which Psychological Processes Are Involved In Intentional Buying And How Rational Is The Buyer written by Vladislav Tsekov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-29 with categories.
Essay from the year 2018 in the subject Psychology - Work, Business, Organisational and Economic Psychology, grade: A, University College London, language: English, abstract: Each day we face numerous decisions that determine the outcome of our life to a great extent. Whether we are rich or poor, happy or sad, good or bad - it all comes down to the decisions we make. It is therefore logical to assume that human beings have evolved to be experts in decision making. For decades, Economists, Psychologists and Philosophers have struggled to answer this question by conceptualizing the way people make decision and by coming up with models that explain judgment and decision making. Over the last few centuries, models of rationality have been constantly changing and evolving. In 1654, Blaise Pascal and Pierre Fermat had a prolonged discussion about human rationale in gambling scenarios, giving birth to the rational choice theory. Its main assumption is that humans take into consideration every available information, cost and benefit associated with a decision and proceed to select the best choice amongst all available alternatives - the one that maximizes Expected Utility. This model, however, is inherently flawed, as it ignores elements such as cognitive biases and mental shortcuts (also known as heuristics) that could lead to deviations from the assumption of perfectly rational decisions. In response to the limitations of the rational choice theory, Herbert Simon proposed the notion of bounded rationality to compensate for flaws in human thinking and to take into consideration environmental constraints when making a decision. Bounded rationality suggests that humans act as satisficers rather than maximizers, aimed at finding a decision that is good enough, taken the amount of information and time that were available for making the decision. This framework applies to any decision making process - including consumer behaviour. Therefore, this essay will argue that consu
Bounded Rationality In Decision Making
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Author : Helle Nielsen
language : en
Publisher: Issues in Environmental Politi
Release Date : 2009
Bounded Rationality In Decision Making written by Helle Nielsen and has been published by Issues in Environmental Politi this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Challenging standard economic models, this book shows how farmers tend to use cognitive shortcuts and how professional pride frequently trumps profit considerations when farmers make decisions about fertilizers and other types of decisions. This indicates that environmental regulation based on economic incentives may not work as effectively as economic theory and ex ante policy analyses would have it. Rather than assuming that regulations respond to incentive-based policies, this book examines the ways in which they do, which is rare in the policy-making literature. Furthermore, the book demonstrates in a real world setting how bounded rationality plays out, whereas bounded rationality in decision-making has typically been studied in a laboratory setting. The book contains a comprehensive and comparative review of rational and bounded rationality models of behavior. It explores concepts developed in books such as Administrative Behaviour by Herbert Simon and, A Behavioural Theory of the Firm by Cyert and March, and it reviews their implications for economic theory and environmental policy. Empirically, the book examines the responses of farmers in Denmark to fertilizer regulation and the decision processes they go through regarding fertilizer levels. Fertilizer regulation builds on economically optimal levels and therefore offers a rational standard against which to compare actual decisions on fertilizer levels. This lends the study a significant methodological advantage, and it represents a novel approach to the study of rationality. It combines quantitative analysis of fertilizer practices among Danish farmers over more than 10 years with qualitative interviews. These are compared with analysis other types of decisions showing that decision processes and the weight assigned to economic considerations varies by type of decisions.