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

doi:10.1023/A:1008058417088

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 journal › Article › peer-review

23 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 language	English (US)
Pages (from-to)	233-248
Number of pages	16
Journal	Marketing Letters
Volume	10
Issue number	3
DOIs	https://doi.org/10.1023/A:1008058417088
State	Published - 1999
Externally published	Yes

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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10.1023/A:1008058417088

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AU - Munier, Bertrand

AU - Selten, Reinhard

AU - Bouyssou, D.

AU - Bourgine, P.

AU - Day, R.

AU - Harvey, N.

AU - Hilton, D.

AU - Machina, M. J.

AU - Parker, Ph

AU - Sterman, J.

AU - Weber, E.

AU - Wernerfelt, B.

AU - Wensley, R.

PY - 1999

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AB - 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.

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KW - Choice functionals

KW - Consumer behavior

KW - Decision-making

KW - Procedural rationality

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Bounded Rationality Modeling

Abstract

All Science Journal Classification (ASJC) codes

Keywords

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