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| Author: | Selten, R. |
| Title: | Features of experimentally observed bounded rationality |
| Journal: | European Economic Review
1998 : MAY, VOL. 42:3-5, p. 413-436 |
| Index terms: | RATIONALITY STRATEGY |
| Language: | eng |
| Abstract: | On the basis of experimental evidence reported in the literature, the paper draws conclusions on the bounded rationality exhibited by human economic behaviour. Discussed are presentation effects caused by superficial analysis, strategic reasoning and strategy construction based on reciprocity and fairness, avoidance of circular concepts in step-by-step strategic reasoning, ex-post rationality and learning direction theory, presence of both adaptive and analytic approaches, and the absence of quatitative expectations and optimization in typical repeated game strategies. |
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