Why Bounded
Rationality?
¿Por qué “racionalidad
limitada”?
¿Por qué no “racionalidad
ilimitada”?
Cuatro razones por las cuales se
incorpora la racionalidad “limitada” en los
modelos económicos:
I) Evidencia de que es importante
II) Los modelos de “RL” son
novedosos y amplios
III) Fallan la justificaciones de
asumir una racionalidad
ilimitada
IV) Reducción de costos
I) Spoiling a good story: evidence
of bounds on rationality
1) Direct evidence-rationality tests on
single individuals.
2) Confounded evidence-testing
economic rationality jointly with other
hypotheses
II) Bounded Rationality in
Economic Models: A Sampler
1) Firms, organizations and
institutions.
2) X-Inefficiency
3) Boundedly rational choice – early
models
II) Bounded Rationality in
Economic Models: A Sampler
4) Boundedly rational choice –
heuristics, norms, and other imports
from sister disciplines
5) Evolutionary Economics
6) Bounded rationality and market
outcomes
II) Bounded Rationality in
Economic Models: A Sampler
7) Evolution to rational expectations
in markets
8) Near rationality, complexity, and
market outcome
9) Self-organizing markets
II) Bounded Rationality in
Economic Models: A Sampler
10) Population distribution models
11) Games
12) Dynamics and simulation
13) Classifier systems
II) Bounded Rationality in
Economic Models: A Sampler
14) Economy of the mind –
deliberation technologies and
deliberation cost
III. Yes, But As If: Arguments
for Unbounded Rationality
1) “As if”
2) Learning
3) Survivors and tricksters
4) Do not quarrel with sucess
III. Yes, But As If: Arguments
for Unbounded Rationality
5) Sidewalk twenties
6) Discipline and “ad hocery”
7) Tractability and definite outcomes
8) Definition
IV. No free lunch, Yes bounded
rationality
1) Economizing Economizing: the
regress issue
2) An example on the regress issue
3) Four rationalities
IV. No free lunch, Yes bounded
rationality
4) Ex Ante vs. Ex Post Posts:
Similarities of Deliberation Cost and
Information Cost
5) Elephants in the Living Room
Frases
Hamlet: “What a piece of work is a
man! How noble in reason! How
infinite in faculties!”
Puck: “Lord, what fools these mortals
be!”