This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Literature: Vol. 51 No. 2 (June 2013)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter Subscription Information
(Institutional Administrator Access)

Explore:

JEL - All Issues

JEL Forthcoming Articles JEL Indexes (Members Only)

Bounded-Rationality Models: Tasks to Become Intellectually Competitive

Article Citation

Harstad, Ronald M., and Reinhard Selten. 2013. "Bounded-Rationality Models: Tasks to Become Intellectually Competitive." Journal of Economic Literature, 51(2): 496-511.

DOI: 10.1257/jel.51.2.496

Abstract

Research in experimental economics has cogently challenged the fundamental precept of neoclassical economics that economic agents optimize. The last two decades have seen elaboration of boundedly rational models that try to move away from the optimization approach, in ways consistent with experimental findings. Nonetheless, the collection of alternative models has made little headway supplanting the dominant paradigm. We delineate key ways in which neoclassical microeconomics holds continuing and compelling advantages over bounded-rationality models, and suggest, via a few examples, the sorts of further, difficult pushes that would be needed to redress this state of affairs. Closer collaboration between theoretic modeling and experiments is clearly seen to be necessary.

Article Full-Text Access

Full-text Article

Additional Materials

Authors

Harstad, Ronald M. (U MO)
Selten, Reinhard (U Bonn)

JEL Classifications

B40: Economic Methodology: General
C72: Noncooperative Games
C90: Design of Experiments: General
D01: Microeconomic Behavior: Underlying Principles
D21: Firm Behavior: Theory


Journal of Economic Literature


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

JEL - All Issues

JEL - Forthcoming Articles

JEL Indexes (Members Only)


Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us