Bounded rationality

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  • The Zeuthen Lectures offer a forum for leading scholars to develop and synthesize novel results in theoretical and applied economics. They aim to present advances in knowledge in a form accessible toa wide audience of economists and advanced students of economics. The choice of topics will range from abstract theorizing to economic history. Regardless of the topic, the emphasis in the lecture series will be on originality and relevance. The Zeuthen Lectures are organized by the Institute of Economics, University of Copenhagen....

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  • Chapter 9 - Individual and group decision making. After studying this chapter, you should be able to: Explain the traditional model of decision making, recognize and account for the limits of rationality in the decision process, describe the role of risk and uncertainty in decision making,...

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  • Tài liệu về kinh tế học pháp luật. Tài liệu bằng tiếng Anh, mời các bạn cùng tham khảo. Economic analysis of law usually proceeds under the assumptions of neoclassical economics. But empirical evidence gives much reason to doubt these assumptions; people exhibit bounded rationality, bounded self-interest, and bounded willpower. This article offers a broad vision of how law and economics analysis may be improved by increased attention to insights about actual human behavior.

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  • TheMIT Press series on Economic Learning and Social Evolution reflects the continuing interest in the dynamics of human interaction. This issue has provided a broad community of economists, psychologists, biolo- gists, anthropologists, mathematicians, philosophers, and others, with a sense of common purpose so strong that traditional interdisciplinary boundaries havemelted away.We reject the outmoded notion thatwhat happens away from equilibrium can safelly be ignored, but think it no longer adequate to speak in vague terms of bounded rationality and spontaneous order.

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  • How important are these issues, and do they carry any ramifications for the newMedicare prescription drug benefit? One of the problems, to which Rubinstein alluded, is that elders may be facing too many options and too much information and thus need to devise “impression manage- ment” techniques in order to compensate for cognitive or physical loss.

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  • IT is a common saying that thought is free. A man can never be hindered from thinking whatever he chooses so long as he conceals what he thinks. The working of his mind is limited only by the bounds of his experience and the power of his imagination. But this natural liberty of private thinking is of little value. It is unsatisfactory and even painful to the thinker himself, if he is not permitted to communicate his thoughts to others, and it is obviously of no value to his neighbours. Moreover it is extremely difficult to hide thoughts that have any power over the mind....

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  • Herbert Simon’s work on bounded rationality has had little impact on health policy discourse, despite numerous supportive findings. This is particularly sur- prising in regard to the elderly, a group marked by a decline in higher cognitive functions. Elders’ cognitive capacity to make decisions will be challenged even further with the introduction of the new Medicare prescription drug benefit program, mainly because of the many options available. At the same time, a growing body of evidence points to the perils of having too many choices.

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  • From the perspective of behavioral economics, rationality is bounded by asymmetrical preferences. Consider, for example, status quo bias. Samuelson and Zeckhauser (1988) reported that when Harvard University changed some of the health insurance options it offered employees, newly hired personnel were more likely to enroll than were people already on the university’s payroll; those employees generally chose to keep their current plans. The appeal of the status quo can be explained, in part, by the concept of loss aversion.

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  • What makes work with rational numbers and integers comfortable are the essential properties they have, especially the unique factorization property (the Main Theorem of Arithmetic). However, the might of the arithmetic in Q is bounded. Thus, some polynomials, although they have zeros, cannot be factorized into polynomials with rational coefficients.

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