why bounded rationality?
DESCRIPTION
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. - PowerPoint PPT PresentationTRANSCRIPT
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!”