Modeling Bounded Rationality
By (author) Ariel Rubinstein
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Modeling Bounded Rationality by Ariel Rubinstein
Book DescriptionThe notion of bounded rationality was initiated in the 1950s by Herbert Simon; only recently has it influenced mainstream economics. In this book, Ariel Rubinstein defines models of bounded rationality as those in which elements of the process of choice are explicitly embedded. The book focuses on the challenges of modeling bounded rationality, rather than on substantial economic implications. In the first part of the book, the author considers the modeling of choice. After discussing some psychological findings, he proceeds to the modeling of procedural rationality, knowledge, memory, the choice of what to know, and group decisions.In the second part, he discusses the fundamental difficulties of modeling bounded rationality in games. He begins with the modeling of a game with procedural rational players and then surveys repeated games with complexity considerations. He ends with a discussion of computability constraints in games. The final chapter includes a critique by Herbert Simon of the author's methodology and the author's response. The Zeuthen Lecture Book series is sponsored by the Institute of Economics at the University of Copenhagen.
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Book DetailsISBN: 9780262681001
(226mm x 150mm x 10mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 5-Mar-1998
Country of Publication: United States
Books By Author Ariel Rubinstein
Lecture Notes in Microeconomic Theory, Paperback (February 2012)
Presents the author's lecture notes for the first part of his well-known graduate course in microeconomics. In this edition, the author retains the striking originality and deep simplicity that characterize his famously engaging style of teaching.
Economics and Language, Hardback (September 2000)
A challenging and accessible analysis of the relationship between economics and language.
Course in Game Theory, Paperback (September 1994)» View all books by Ariel Rubinstein
Presents the main ideas of game theory at a level suitable for graduate students and advanced undergraduates, emphasizing the theory's foundations and interpretations of its basic concepts.
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Author Biography - Ariel Rubinstein
Ariel Rubinstein is Professor of Economics at Tel Aviv University and New York University.
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