Bounded Rationality in Choice Theory: A Survey
A vibrant literature incorporates elements of bounded rationality into choice theory. We survey this work, discussing five central ways in which the literature has modeled departures from the rational choice procedure. We discuss the variety of purposes axiomatic choice characterizations serve for these positive theories, delve into experimental tests, synthesize the welfare debate, and assess important future directions. (JEL D11, D44, D60, D83, D91)
Authors
- Kareen Rozen
- Geoffroy de Clippel
Institutions
- John Brown University (US)
Publication Details
- Journal
- Journal of Economic Literature
- Published
- 2024-09-01
- DOI
- https://doi.org/10.1257/jel.20231592
- Citations
- 8
- Primary Topic
- Economic and Environmental Valuation
- Type
- article
- Field-Weighted Citation Impact
- 6.78