Bounded Rationality Modeling

Bertrand Munier, Reinhard Selten, D. Bouyssou, P. Bourgine, R. Day, N. Harvey, D. Hilton, M. J. Machina, Ph Parker, J. Sterman, E. Weber, B. Wernerfelt, R. Wensley

Research output: Contribution to journalArticlepeer-review

14 Scopus citations

Abstract

This paper deals with bounded rationality as a way to describe behavior and focuses on the question of how to build such boundedly rational models. The first part is a discussion of the reasons why such models are needed and on the situations in which they can be regarded as more particularly useful. The second part examines three strategies of research towards bounded rationality modeling which have emerged in the last ten years and weights them. The concluding remarks offer a first link between the respective typologies of strategies and of situations and calls for additional experimental work by marketing scientists and economists together.

Original languageEnglish (US)
Pages (from-to)233-248
Number of pages16
JournalMarketing Letters
Volume10
Issue number3
DOIs
StatePublished - 1999
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Economics and Econometrics
  • Marketing

Keywords

  • Adaptive behavior
  • Choice functionals
  • Consumer behavior
  • Decision-making
  • Procedural rationality

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