Munich Personal RePEc Archive

An Algorithm for the Simulation of Bounded Rational Agents

Schuster, Stephan (2009): An Algorithm for the Simulation of Bounded Rational Agents.

WarningThere is a more recent version of this item available.
[img]
Preview
PDF
MPRA_paper_15942.pdf

Download (226Kb) | Preview

Abstract

Non-classical models of economic behaviour, usually summarised under the notion of 'Bounded Rationality' criticise the assumptions of the standard economic model - hyperrationality, perfect and costless information, and unlimited mental processing capabilities. However, alternative approaches have either remained very simple or purely descriptive. Here, a computational approach is presented based on Simon's concept of bounded rationality and satisficing as a compromise between the oversimplification of analytical and the descriptiveness of rich cognitive models.

Available Versions of this Item

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.