Bounded rationality implicates the idea that humans take reasoning shortcuts that may lead to suboptimal decision-making.
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In this way, the bounded rationality models serve as a foundation of current behavioral economics .
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He referred to this approach as bounded rationality.
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It is thus heavily focused on bounded rationality.
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However, this explanation ( bounded rationality ) is less commonly offered now, in light of subsequent empirical evidence.
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He researched on modelling of learning and expectations, bounded rationality and their implications for monetary and fiscal policy.
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With Gerd Gigerenzer he edited the book " Bounded Rationality : The Adaptive Toolbox " ( 2001 ).
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Institutional economics focuses on learning, bounded rationality, and evolution ( rather than assume stable preferences, rationality and equilibrium ).
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In economics and game theory, reinforcement learning may be used to explain how equilibrium may arise under bounded rationality.
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Social rationality is a form of bounded rationality applied to social contexts, where individuals make choices and predictions under uncertainty.
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