Why Bounded Rationality? ¿Por qué racionalidad limitada? ¿Por qué no racionalidad ilimitada?

Cuatro razones por las cuales se incorpora la racionalidad limitada en los modelos económicos: I) Evidencia de que es importante II) Los modelos de RL son novedosos y amplios III) Fallan la justificaciones de asumir una racionalidad ilimitada IV) Reducción de costos

I) Spoiling a good story: evidence of bounds on rationality 1) Direct evidence-rationality tests on single individuals. 2) Confounded evidence-testing economic rationality jointly with other hypotheses

II) Bounded Rationality in Economic Models: A Sampler 1) Firms, organizations and institutions. 2) X-Inefficiency 3) Boundedly rational choice – early models

II) Bounded Rationality in Economic Models: A Sampler 4) Boundedly rational choice – heuristics, norms, and other imports from sister disciplines 5) Evolutionary Economics 6) Bounded rationality and market outcomes

II) Bounded Rationality in Economic Models: A Sampler 7) Evolution to rational expectations in markets 8) Near rationality, complexity, and market outcome 9) Self-organizing markets

II) Bounded Rationality in Economic Models: A Sampler 10) Population distribution models 11) Games 12) Dynamics and simulation 13) Classifier systems

II) Bounded Rationality in Economic Models: A Sampler 14) Economy of the mind – deliberation technologies and deliberation cost

III. Yes, But As If: Arguments for Unbounded Rationality 1) As if 2) Learning 3) Survivors and tricksters 4) Do not quarrel with sucess

III. Yes, But As If: Arguments for Unbounded Rationality 5) Sidewalk twenties 6) Discipline and ad hocery 7) Tractability and definite outcomes 8) Definition

IV. No free lunch, Yes bounded rationality 1) Economizing Economizing: the regress issue 2) An example on the regress issue 3) Four rationalities

IV. No free lunch, Yes bounded rationality 4) Ex Ante vs. Ex Post Posts: Similarities of Deliberation Cost and Information Cost 5) Elephants in the Living Room

Frases Hamlet: What a piece of work is a man! How noble in reason! How infinite in faculties! Puck: Lord, what fools these mortals be!