Why Bounded Rationality?
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Transcript of Why Bounded Rationality?
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!”