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Bounded Rationality in Choice Theory: A Survey

By: Contributor(s): Material type: Continuing resourceContinuing resourcePublication details: Journal of Economic Literature; 2024Description: 995-1039ISSN:
  • 0022-0515
Subject(s): Online resources: Summary: A vibrant literature incorporates elements of bounded rationality into choice theory. We survey this work, discussing five central ways in which the literature has modeled departures from the rational choice procedure. We discuss the variety of purposes axiomatic choice characterizations serve for these positive theories, delve into experimental tests, synthesize the welfare debate, and assess important future directions.
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Article Index Article Index Dr VKRV Rao Library Vol. 62, No. 3 Not for loan AI989

A vibrant literature incorporates elements of bounded rationality into choice theory. We survey this work, discussing five central ways in which the literature has modeled departures from the rational choice procedure. We discuss the variety of purposes axiomatic choice characterizations serve for these positive theories, delve into experimental tests, synthesize the welfare debate, and assess important future directions.

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