Search results for "Bounded rationality"
showing 5 items of 15 documents
Bounded Computational Capacity Equilibrium
2010
We study repeated games played by players with bounded computational power, where, in contrast to Abreu and Rubisntein (1988), the memory is costly. We prove a folk theorem: the limit set of equilibrium payoffs in mixed strategies, as the cost of memory goes to 0, includes the set of feasible and individually rational payoffs. This result stands in sharp contrast to Abreu and Rubisntein (1988), who proved that when memory is free, the set of equilibrium payoffs in repeated games played by players with bounded computational power is a strict subset of the set of feasible and individually rational payoffs. Our result emphasizes the role of memory cost and of mixing when players have bounded c…
How much choice is "good enough"? Moderators of information and choice overload
2021
In today’s world, people face an abundance of information and a great number of choices both in important domains, such as health care, retirement, and education, and in less important domains, such as the choice of breakfast cereal or chocolate. Choice overload and information overload have strong negative effects on many important decision- making aspects such as processing and using information, the motivation to act, the quality of choices, and post- choice feelings, which are discussed in Chapter 43 in this volume in more detail. However, small choice and information sets are not always optimal either. Several variables– – such as information usage, decision accuracy, motivation to cho…
ECOSYSTEM MODELING FOR SUSTAINABLE MANAGEMENT
2015
Setting new coordinates in modeling in order to ensure sustainable development in the context of the Europe 2020 strategy requirements / Horizon 2020 is a priority for protecting natural resources. The current challenges are in identifying the key aspects of IT processes, economic and ecosystem problems to ensure sustainable development. The main objectives are: a. understanding that creation and dissemination of complex system are the basic factors of economic growth; b. modeling ecosystem should take into account a strategy based on memetic engineering, bounded rationality and "Just in time" decisions. Among the conclusions: a. ecosystem modeling should take into account a strategy that s…
Bounded Rationality for “Just In Time” Education
2011
Abstract If you cannot get answers keep putting questions The paper has three targets: a) Taken per se , it advances the research presented in a series of seven papers about education in a post-industrial (i.e., service-oriented) society broadening the scope from engineering to any kind of education reachable through reachable through permanent endeavour. b) Regarded as part of a “EU 2020 research cluster” with the aim to pro pose affordable approaches to education for sustainable development, the paper reveals bounded rationality (BR) as common denominator of, mechanism for, and connection between the two facets of permanent education: e- teaching and e- learning , the research aiming to m…
On the dynamics of disobedience: experimental investigations of defying unjust authority.
2017
Across six Experimental conditions with university student participants (N=600), we examined some of the dynamics underlying expressed defiance to unjust authority. Results revealed disobedience was best enacted by participants low in right-wing authoritarianism and was more likely to occur when: 1) in physical proximity of other rebels, 2) the authority made two demanding requests instead of one, and 3) there had been an earlier opposition to injustice. Results are discussed within the theoretical framework of bounded rationality.