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- Title
Bounded Rationality in Choice Theory: A Survey.
- Authors
de Clippel, Geoffroy; Rozen, Kareen
- Abstract
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)
- Subjects
BOUNDED rationality; LITERATURE
- Publication
Journal of Economic Literature, 2024, Vol 62, Issue 3, p995
- ISSN
0022-0515
- Publication type
Article
- DOI
10.1257/jel.20231592