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Daily Archives: 26 September, 2006

Bounded Rationality

Posted on 26 September, 2006 by Walt
1

Ariel Rubinstein has made his book, Modeling Bounded Rationality, available online. Economic models tend to assume that humans are mistake-free calculating machines; economists have tried to introduce more realistic assumptions under the banner of bounded rationality. This is a far-from-settled problem, mainly because there are more ways to be wrong than there are to be right.

Posted in Economics | 1 Reply

 

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