Why Bounded Rationality?

¿Por qué “racionalidad limitada”?

¿Por qué no “racionalidad ilimitada”?

Cuatro razones por las cuales se incorpora la racionalidad “limitada” en los modelos económicos:

I) Evidencia de que es importanteII) Los modelos de “RL” son novedosos y ampliosIII) Fallan la justificaciones de asumir una racionalidad ilimitadaIV) Reducción de costos

I) Spoiling a good story: evidence of bounds on rationality

1) Direct evidence-rationality tests on single individuals.

2) Confounded evidence-testing economic rationality jointly with other hypotheses

II) Bounded Rationality in Economic Models: A Sampler

1) Firms, organizations and institutions.

2) X-Inefficiency

3) Boundedly rational choice – early models

II) Bounded Rationality in Economic Models: A Sampler

4) Boundedly rational choice – heuristics, norms, and other imports from sister disciplines

5) Evolutionary Economics

6) Bounded rationality and market outcomes

II) Bounded Rationality in Economic Models: A Sampler

7) Evolution to rational expectations in markets

8) Near rationality, complexity, and market outcome

9) Self-organizing markets

II) Bounded Rationality in Economic Models: A Sampler

10) Population distribution models

11) Games

12) Dynamics and simulation

13) Classifier systems

II) Bounded Rationality in Economic Models: A Sampler

14) Economy of the mind – deliberation technologies and deliberation cost

III. Yes, But As If: Arguments for Unbounded Rationality

1) “As if”

2) Learning

3) Survivors and tricksters

4) Do not quarrel with sucess

III. Yes, But As If: Arguments for Unbounded Rationality

5) Sidewalk twenties

6) Discipline and “ad hocery”

7) Tractability and definite outcomes

8) Definition

IV. No free lunch, Yes bounded rationality

1) Economizing Economizing: the regress issue

2) An example on the regress issue

3) Four rationalities

IV. No free lunch, Yes bounded rationality

4) Ex Ante vs. Ex Post Posts: Similarities of Deliberation Cost and Information Cost

5) Elephants in the Living Room

Frases

Hamlet: “What a piece of work is a man! How noble in reason! How infinite in faculties!”

Puck: “Lord, what fools these mortals be!”