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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 importante. II) Los modelos de “RL” son novedosos y amplios.

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Why Bounded Rationality?

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  1. Why Bounded Rationality? ¿Por qué “racionalidad limitada”? ¿Por qué no “racionalidad ilimitada”?

  2. Cuatro razones por las cuales se incorpora la racionalidad “limitada” en los modelos económicos: I) Evidencia de que es importante II) Los modelos de “RL” son novedosos y amplios III) Fallan la justificaciones de asumir una racionalidad ilimitada IV) Reducción de costos

  3. 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

  4. II) Bounded Rationality in Economic Models: A Sampler 1) Firms, organizations and institutions. 2) X-Inefficiency 3) Boundedly rational choice – early models

  5. 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

  6. 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

  7. II) Bounded Rationality in Economic Models: A Sampler 10) Population distribution models 11) Games 12) Dynamics and simulation 13) Classifier systems

  8. II) Bounded Rationality in Economic Models: A Sampler 14) Economy of the mind – deliberation technologies and deliberation cost

  9. III. Yes, But As If: Arguments for Unbounded Rationality 1) “As if” 2) Learning 3) Survivors and tricksters 4) Do not quarrel with sucess

  10. III. Yes, But As If: Arguments for Unbounded Rationality 5) Sidewalk twenties 6) Discipline and “ad hocery” 7) Tractability and definite outcomes 8) Definition

  11. IV. No free lunch, Yes bounded rationality 1) Economizing Economizing: the regress issue 2) An example on the regress issue 3) Four rationalities

  12. 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

  13. 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!”

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