Models Of Bounded Rationality And Mechanism Design

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Models of Bounded Rationality and Mechanism Design

Author : Jacob Glazer
Publisher : World Scientific Publishing Company
ISBN 13 : 9813141336
Total Pages : 153 pages
Book Rating : 4.8/5 (131 download)

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Book Synopsis Models of Bounded Rationality and Mechanism Design by : Jacob Glazer

Download or read book Models of Bounded Rationality and Mechanism Design written by Jacob Glazer and published by World Scientific Publishing Company. This book was released on 2016-08-22 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together the authors' joint papers from over a period of more than twenty years. The collection includes seven papers, each of which presents a novel and rigorous model in Economic Theory. All of the models are within the domain of implementation and mechanism design theories. These theories attempt to explain how incentive schemes and organizations can be designed with the goal of inducing agents to behave according to the designer's (principal's) objectives. Most of the literature assumes that agents are fully rational. In contrast, the authors inject into each model an element which conflicts with the standard notion of full rationality, demonstrating how such elements can dramatically change the mechanism design problem. Although all of the models presented in this volume touch on mechanism design issues, it is the formal modeling of bounded rationality that the authors are most interested in. A model of bounded rationality signifies a model that contains a procedural element of reasoning that is not consistent with full rationality. Rather than looking for a canonical model of bounded rationality, the articles introduce a variety of modeling devices that will capture procedural elements not previously considered, and which alter the analysis of the model. The book is a journey into the modeling of bounded rationality. It is a collection of modeling ideas rather than a general alternative theory of implementation.

Modeling Bounded Rationality

Author : Ariel Rubinstein
Publisher : MIT Press
ISBN 13 : 9780262681001
Total Pages : 226 pages
Book Rating : 4.6/5 (81 download)

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Book Synopsis Modeling Bounded Rationality by : Ariel Rubinstein

Download or read book Modeling Bounded Rationality written by Ariel Rubinstein and published by MIT Press. This book was released on 1998 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The notion of bounded rationality was initiated in the 1950s by Herbert Simon; only recently has it influenced mainstream economics. In this book, Ariel Rubinstein defines models of bounded rationality as those in which elements of the process of choice are explicitly embedded. The book focuses on the challenges of modeling bounded rationality, rather than on substantial economic implications. In the first part of the book, the author considers the modeling of choice. After discussing some psychological findings, he proceeds to the modeling of procedural rationality, knowledge, memory, the choice of what to know, and group decisions.In the second part, he discusses the fundamental difficulties of modeling bounded rationality in games. He begins with the modeling of a game with procedural rational players and then surveys repeated games with complexity considerations. He ends with a discussion of computability constraints in games. The final chapter includes a critique by Herbert Simon of the author's methodology and the author's response. The Zeuthen Lecture Book series is sponsored by the Institute of Economics at the University of Copenhagen.

Models of Bounded Rationality: Empirically grounded economic reason

Author : Herbert Alexander Simon
Publisher : MIT Press
ISBN 13 : 9780262193726
Total Pages : 486 pages
Book Rating : 4.1/5 (937 download)

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Book Synopsis Models of Bounded Rationality: Empirically grounded economic reason by : Herbert Alexander Simon

Download or read book Models of Bounded Rationality: Empirically grounded economic reason written by Herbert Alexander Simon and published by MIT Press. This book was released on 1997 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering alternative models based on such concepts as satisficing (acceptance of viable choices that may not be the undiscoverable optimum) and bouded rationality (the limited extent to which rational calculation can direct human behaviour), Simon shows why more empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, is needed.

Social Norms, Bounded Rationality and Optimal Contracts

Author : Suren Basov
Publisher : Springer
ISBN 13 : 9811010412
Total Pages : 176 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis Social Norms, Bounded Rationality and Optimal Contracts by : Suren Basov

Download or read book Social Norms, Bounded Rationality and Optimal Contracts written by Suren Basov and published by Springer. This book was released on 2016-05-20 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the ways in which social norms and bounded rationality shape different contracts in the real world. It brings into focus existing research into optimal contracts, draws important lessons from that research, and outlines prospects for future investigation. Bounded rationality has acknowledged effects on the power of incentive provisions, such as deviations from sufficient statistic theorem, the power of optimal incentives, and the effects of optimal contracts in multicultural environments. The introduction of social norms to bounded rationality opens up new avenues of investigation into contracts and mechanism design. This book makes an important contribution to the study of bounded rationality by pulling together many separate strands of research in the area of mechanism design, and providing detailed analysis of the impact of societal values on contracts.

Bounded Rationality and Industrial Organization

Author : Ran Spiegler
Publisher : Oxford University Press
ISBN 13 : 0199924236
Total Pages : 240 pages
Book Rating : 4.1/5 (999 download)

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Book Synopsis Bounded Rationality and Industrial Organization by : Ran Spiegler

Download or read book Bounded Rationality and Industrial Organization written by Ran Spiegler and published by Oxford University Press. This book was released on 2011-02-18 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.

Routledge Handbook of Bounded Rationality

Author : Riccardo Viale
Publisher : Routledge
ISBN 13 : 131733079X
Total Pages : 844 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis Routledge Handbook of Bounded Rationality by : Riccardo Viale

Download or read book Routledge Handbook of Bounded Rationality written by Riccardo Viale and published by Routledge. This book was released on 2020-12-02 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.

Models of Bounded Rationality

Author : Herbert Alexander Simon
Publisher : MIT Press (MA)
ISBN 13 : 9780262690874
Total Pages : 528 pages
Book Rating : 4.6/5 (98 download)

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Book Synopsis Models of Bounded Rationality by : Herbert Alexander Simon

Download or read book Models of Bounded Rationality written by Herbert Alexander Simon and published by MIT Press (MA). This book was released on 1984-01 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second volume collects his papers on behavioral theory, with some overlap between the two volumes.

Bounded Rationality

Author : Gerd Gigerenzer
Publisher : MIT Press
ISBN 13 : 9780262571647
Total Pages : 404 pages
Book Rating : 4.5/5 (716 download)

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Book Synopsis Bounded Rationality by : Gerd Gigerenzer

Download or read book Bounded Rationality written by Gerd Gigerenzer and published by MIT Press. This book was released on 2002-07-26 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.

Cryptoeconomics

Author : Jian Gong
Publisher : CRC Press
ISBN 13 : 1000062112
Total Pages : 100 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Cryptoeconomics by : Jian Gong

Download or read book Cryptoeconomics written by Jian Gong and published by CRC Press. This book was released on 2020-04-30 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A systematic review of the structure and context of the blockchain-derived economic model... (the book) describes cryptoeconomics in connection with the game theory, behavioral economics and others in simple understandable language."—Wang Feng, founder of Linekong Interactive Group and Mars Finance, partner in Geekbang Venture Capital Blockchain technology has subverted existing perceptions and is the start of an economic revolution, called, cryptoeconomics. Blockchain is a key component of cryptoeconomics. Vlad Zamfir, a developer of Ethereum, defines this term as "a formal discipline that studies protocols that governs the production, distribution, and consumption of goods and services in a decentralized digital economy. Cryptoeconomics is a practical science that focuses on the design and characterization of these protocols". This book explains the structures of blockchain-derived economic models, their history, and their application. It uses real-world cases to illustrate the relationship between cryptoeconomics and blockchain. Blockchain technology solves trust issues. A blockchain application can restrict behavior on the blockchain through a reward and punishment system that enables consensus in an innovative way. The greatest significance of cryptoeconomics lies in guaranteeing safety, stability, activity, and order in a decentralized consensus system. Security and stability are achieved mainly by cryptographical mechanisms. Activity and order are achieved through economic mechanisms. Cryptoeconomics and Blockchain: Ignighting a New Era of Blockchain discusses the most popular consensus algorithms and optimization mechanisms. With examples explained in clear and simple terms that are easy to understand, the book also explores economic mechanisms of blockchain such as game theory and behavioral economics.

Complexity and Diversity

Author : K. Kudo
Publisher : Springer Science & Business Media
ISBN 13 : 4431668624
Total Pages : 209 pages
Book Rating : 4.4/5 (316 download)

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Book Synopsis Complexity and Diversity by : K. Kudo

Download or read book Complexity and Diversity written by K. Kudo and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nonlinear complex open systems show great diversity in the process of self-organization, and that diversity increases as complexity increases. The measurement of complexity and the origins of the diversity of such complex systems are the focus of interdisciplinary studies extending across a wide range of scientific disciplines that include applied mathematics, physics, chemistry, biology, psychology, ecology, sociology, and economics. Previous investigations have concentrated either on complexity or on diversity, but not both. This volume makes clear the relation between complexity and diversity with examples drawn from various disciplines. Compiles here are presentations from the Complexity and Diversity workshop held in Fugue, Japan, in August 1996. The contributions are the results of research in mathematical systems, physical systems, living systems, and social systems, and are contained in the four corresponding sections of the book. Mathematical expressions for the theory of complexity as a fundamental method along with realistic examples for application of systematic methods provide the reader with ready access to the latest topics in complex systems.

The Future of Economic Design

Author : Jean-François Laslier
Publisher : Springer Nature
ISBN 13 : 3030180506
Total Pages : 507 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis The Future of Economic Design by : Jean-François Laslier

Download or read book The Future of Economic Design written by Jean-François Laslier and published by Springer Nature. This book was released on 2019-11-15 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays represents responses by over eighty scholars to an unusual request: give your high level assessment of the field of economic design, as broadly construed. Where do we come from? Where do we go from here? The book editors invited short, informal reflections expressing deeply felt but hard to demonstrate opinions, unsupported speculation, and controversial views of a kind one might not normally risk submitting for review. The contributors – both senior researchers who have shaped the field and promising, younger researchers – responded with a diverse collection of provocative pieces, including: retrospective assessments or surveys of the field; opinion papers; reflections on critical points for the development of the discipline; proposals for the immediate future; "science fiction"; and many more. The readers should have fun reading these unusual pieces – as much as the contributors enjoyed writing them.

Models of Bounded Rationality

Author : Herbert Alexander Simon
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (81 download)

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Book Synopsis Models of Bounded Rationality by : Herbert Alexander Simon

Download or read book Models of Bounded Rationality written by Herbert Alexander Simon and published by . This book was released on 1983 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Multi-Agent-Based Simulation XXIV

Author : Luis G. Nardin
Publisher : Springer Nature
ISBN 13 : 3031610342
Total Pages : 180 pages
Book Rating : 4.0/5 (316 download)

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Book Synopsis Multi-Agent-Based Simulation XXIV by : Luis G. Nardin

Download or read book Multi-Agent-Based Simulation XXIV written by Luis G. Nardin and published by Springer Nature. This book was released on with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Game Theory and Decision Theory in Agent-Based Systems

Author : Simon D. Parsons
Publisher : Springer Science & Business Media
ISBN 13 : 1461511070
Total Pages : 403 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Game Theory and Decision Theory in Agent-Based Systems by : Simon D. Parsons

Download or read book Game Theory and Decision Theory in Agent-Based Systems written by Simon D. Parsons and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game Theory And Decision Theory In Agent-Based Systems is a collection of papers from international leading researchers, that offers a broad view of the many ways game theory and decision theory can be applied in agent-based systems, from standard applications of the core elements of the theory to more cutting edge developments. The range of topics discussed in this book provide the reader with the first comprehensive volume that reflects both the depth and breadth of work in applying techniques from game theory and decision theory to design agent-based systems. Chapters include: Selecting Partners; Evolution of Agents with Moral Sentiments in an IPD Exercise; Dynamic Desires; Emotions and Personality; Decision-Theoretic Approach to Game Theory; Shopbot Economics; Finding the Best Way to Join in; Shopbots and Pricebots in Electronic Service Markets; Polynomial Time Mechanisms; Multi-Agent Q-learning and Regression Trees; Satisficing Equilibria; Investigating Commitment Flexibility in Multi-agent Contracts; Pricing in Agent Economies using Multi-agent Q-learning; Using Hypergames to Increase Planned Payoff and Reduce Risk; Bilateral Negotiation with Incomplete and Uncertain Information; Robust Combinatorial Auction Protocol against False-name Bids.

Bounded Rationality and Behavioural Economics

Author : Graham Mallard
Publisher : Routledge
ISBN 13 : 1317653858
Total Pages : 132 pages
Book Rating : 4.3/5 (176 download)

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Book Synopsis Bounded Rationality and Behavioural Economics by : Graham Mallard

Download or read book Bounded Rationality and Behavioural Economics written by Graham Mallard and published by Routledge. This book was released on 2015-08-14 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.

Contemporary Economic Issues

Author : Murat Sertel
Publisher : Springer
ISBN 13 : 1349145408
Total Pages : 280 pages
Book Rating : 4.3/5 (491 download)

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Book Synopsis Contemporary Economic Issues by : Murat Sertel

Download or read book Contemporary Economic Issues written by Murat Sertel and published by Springer. This book was released on 2016-01-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the experiences of economic reform since the second World War, and system reform and economic integration across the world in the past decade. The first part of the book examines why only a small number of developing countries have succeeded in their modernization attempts this century. What lessons can be learnt from the successes of the East Asian NIEs and failures of other economies to emulate them? The very different experiences of the transition to market economies in the former socialist countries of Eastern Europe and China is the focus of the next section, with comparisons drawn with the Latin American reform experience, especially in Chile. The effects of economic integration schemes are examined in the final sector, with case-studies of Tunisia and Morocco's Free Trade Agreements with the EU, and of economic integration and the Arab-Israeli peace process.

Open Innovation Dynamics

Author : Jinhyo Joseph Yun
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1527590534
Total Pages : 528 pages
Book Rating : 4.5/5 (275 download)

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Book Synopsis Open Innovation Dynamics by : Jinhyo Joseph Yun

Download or read book Open Innovation Dynamics written by Jinhyo Joseph Yun and published by Cambridge Scholars Publishing. This book was released on 2022-11-04 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book expands the concept of open innovation from a static strategic idea to a dynamic principle. It details various, underexplored aspects of this concept, including the culture for necessary open innovation dynamics, the difference between James Watt and Steve Jobs, and collective intelligence as a new category of open innovation. It specifically considers open innovation within the context of micro- and macro-dynamics of economics.