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Bounded Rationality Modeling

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Abstract

This paper deals with bounded rationality as a way to describe behavior and focuses on the question of how to build such boundedly rational models. The first part is a discussion of the reasons why such models are needed and on the situations in which they can be regarded as more particularly useful. The second part examines three strategies of research towards bounded rationality modeling which have emerged in the last ten years and weights them. The concluding remarks offer a first link between the respective typologies of strategies and of situations and calls for additional experimental work by marketing scientists and economists together.

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Authors and Affiliations

  1. GRID, Ecole Normale Supérieure de Cachan, France

    Bertrand Munier

  2. University of Bonn, Germany

    Reinhard Selten (Emeritus Professor)

  3. ESSEC, France

    D. Bouyssou

  4. CREA, Ecole Polytechnique, France

    P. Bourgine

  5. University of Southern California, USA

    R. Day

  6. University College London, UK

    N. Harvey

  7. Université de Toulouse-II, France

    D. Hilton

  8. University of California at San Diego, USA

    M. J. Machina

  9. INSEAD, USA

    Ph. Parker

  10. M.I.T, USA

    J. Sterman & B. Wernerfelt

  11. Ohio State University, USA

    E. Weber & R. Wensley

Authors
  1. Bertrand Munier
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  2. Reinhard Selten
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  3. D. Bouyssou
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  4. P. Bourgine
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  5. R. Day
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  6. N. Harvey
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  7. D. Hilton
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  8. M. J. Machina
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  9. Ph. Parker
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  10. J. Sterman
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  11. E. Weber
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  12. B. Wernerfelt
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  13. R. Wensley
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Munier, B., Selten, R., Bouyssou, D. et al. Bounded Rationality Modeling. Marketing Letters 10, 233–248 (1999). https://doi.org/10.1023/A:1008058417088

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