SFB 303 Discussion Paper No. B - 421

Author: Selten, Reinhard
Title: Features of Experimentally Observed Bounded Rationality
Abstract: On the basis of experimental evidence reported in the literature the paper draws conclusions about the bounded rationality exhibited by human economic behaviour. Among the topics discussed are presentation effects caused by superficial analysis, strategic reasoning and strategy construction based on reciprocity and fairness, avoidance of circular concepts in step by step strategic reasoning, ex-post rationality and learning direction theory, presence of both adaptive and analytic approaches to repeated decision tasks, and the absence of quantitative expectations and optimization in typical repeated game strategies
Keywords: Bounded rationality, experiments, strategic interaction
JEL-Classification-Number: C70, C90, D63, D83
Creation-Date: November 1997
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