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Bounded Rationality
Bounded Rationality
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Excellent- More about Bounded Rationality
Bounded rationality is a concept in economics that explains how people make decisions when they have limited information, time, and cognitive abilities. It is used to explain real-life behavior and has led to policy implications that would otherwise have gone unappreciated. This introduction presents the key concepts and approaches adopted in the field of bounded rationality and assesses the strengths and weaknesses of its current research program. It is an excellent preparatory reading for degree-level courses in economics and behavioral economics.
Format: Paperback / softback
Length: 128 pages
Publication date: 21 December 2020
Publisher: Agenda Publishing
Understanding how we make economic decisions and how we deviate from rational choice theory has become increasingly crucial in comprehending the workings of the economy at all levels. The concept of bounded rationality has played a central role in this endeavor, and it is employed in economic models to shed light on real-life behavior, leading to specific policy implications that would have otherwise remained unnoticed.
This introduction provides an overview of the key concepts and approaches adopted in the field of bounded rationality. The exposition is designed to be accessible to a non-technical audience, devoid of any mathematical expressions or intricate calculations. Instead, the focus is primarily on the behavior of individuals or organizations within specific contexts rather than on broader macroeconomic concerns. The book delves into the evolution of the field and evaluates the strengths and weaknesses of its current research program, including its relationship with behavioral economics.
The book serves as an excellent preparatory reading for degree-level courses in economics, as well as specialized courses in behavioral economics and philosophy of economics. It offers a comprehensive and insightful exploration of the complexities of human decision-making, providing valuable insights for students and scholars alike.
Weight: 174g
Dimension: 148 x 209 x 17 (mm)
ISBN-13: 9781788212588
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