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| Author: | Spiegler, R. |
| Title: | 'But can't we get the same thing with a standard model?' Rationalizing bounded-rationality models |
| Journal: | Economics and philosophy
2011 : MAR, VOL. 27:1, p. 23-43 |
| Index terms: | models rationality consumers |
| Language: | eng |
| Abstract: | Discussed is a common criticism of economic models departing from the standard (hereafter as: std.) rational-choice paradigm, that is, that the phenomena addressed by such models can be 'rationalized' by some std. model. This criterion for evaluating bounded-rationality (here as: b-r.) models is criticized. Using a market model with b-r. consumers as a test case (Spiegler, 2006), it is shown that even when it initially seems that a b-r. model can be rationalized by a std. model, rationalizing models tend to come with unwarranted 'extra baggage'. |
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