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Perfect or Bounded Rationality?

Perfect or Bounded Rationality? Abstract Simple game experiments of the reward allocation, dictator and ultimatum type are used to demonstrate that true explanations of social phenomena cannot conceivably be derived in terms of the perfect rationality concept underlying neo-classical economics. We explore in some depth, if speculatively, how experimental game theory might bring us closer to a new synthesis or at least the nucleus of a general theory of ‘games and boundedly rational economic behavior’ with enhanced explanatory power. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Analyse & Kritik de Gruyter

Perfect or Bounded Rationality?

Analyse & Kritik , Volume 26 (2): 18 – Nov 1, 2004

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Publisher
de Gruyter
Copyright
© 2004 by Lucius & Lucius, Stuttgart
ISSN
0171-5860
DOI
10.1515/auk-2004-0203
Publisher site
See Article on Publisher Site

Abstract

Abstract Simple game experiments of the reward allocation, dictator and ultimatum type are used to demonstrate that true explanations of social phenomena cannot conceivably be derived in terms of the perfect rationality concept underlying neo-classical economics. We explore in some depth, if speculatively, how experimental game theory might bring us closer to a new synthesis or at least the nucleus of a general theory of ‘games and boundedly rational economic behavior’ with enhanced explanatory power.

Journal

Analyse & Kritikde Gruyter

Published: Nov 1, 2004

References