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Perfect or Bounded Rationality?
Some Facts, Speculations and Proposals
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Werner Güth
Published/Copyright:
May 14, 2016
Abstract
Simple game experiments of the reward allocation, dictator and ultimatum type are used to demonstrate that true explanations of social phenomena cannot conceivably be derived in terms of the perfect rationality concept underlying neo-classical economics. We explore in some depth, if speculatively, how experimental game theory might bring us closer to a new synthesis or at least the nucleus of a general theory of ‘games and boundedly rational economic behavior’ with enhanced explanatory power.
Published Online: 2016-05-14
Published in Print: 2004-11-01
© 2004 by Lucius & Lucius, Stuttgart
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