Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98552
Authors: 
Güth, Werner
Kliemt, Hartmut
Year of Publication: 
2010
Citation: 
[Journal:] Games [ISSN:] 2073-4336 [Publisher:] MDPI [Place:] Basel [Volume:] 1 [Year:] 2010 [Issue:] 1 [Pages:] 53-65
Abstract: 
Game and decision theory start from rather strong premises. Preferences, represented by utilities, beliefs represented by probabilities, common knowledge and symmetric rationality as background assumptions are treated as 'given.' A richer language enabling us to capture the process leading to what is 'given' seems superior to the stenography of decision making in terms of utility cum probability. However, similar to traditional rational choice modeling, boundedly rational choice modeling, as outlined here, is far from being a 'global' theory with empirical content; rather it serves as a tool to formulate 'local' theories with empirical content.
Subjects: 
bounded rationality
methodology of decision
game theory
JEL: 
C70
B40
A12
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/3.0/
Document Type: 
Article
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