September 1, 2024Journal of Economic Literature

Bounded Rationality in Choice Theory: A Survey

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Decision models depart from standard rational choice through five core modeling frameworks, expanding descriptive accuracy across diverse behavioral settings.
Theoretical survey reviews five central modeling approaches for bounded rationality, evaluating experimental evidence alongside axiomatic choice characterizations.
Synthesis of the active welfare debate clarifies normative evaluation in positive theories, highlighting critical future directions for empirical choice theory.

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Implication

Literature survey synthesizes five foundational modeling frameworks for bounded rationality in choice theory, highlighting empirical tests and emerging welfare implications.

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Clippel et al. (2024) studied this question.

synapsesocial.com/papers/68e59c56b6db643587536a2f https://doi.org/10.1257/jel.20231592

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Implication

Literature survey synthesizes five foundational modeling frameworks for bounded rationality in choice theory, highlighting empirical tests and emerging welfare implications.

Bounded Rationality in Choice Theory: A Survey

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Discussion

Implication

Cite This Study

Bounded Rationality in Choice Theory: A Survey

Key Points

Discussion

Implication

Cite This Study

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