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Limited Rationality in Economic Models by elin1722 is a document available to read on EtoBox.
What is Limited Rationality in Economic Models about?
The article by Matthew Rabin discusses the integration of limited rationality into economic models, emphasizing the potential of optimization models to incorporate psychological insights about human decision-making. Rabin argues that many human errors in rationality can be better understood through optimization frameworks, which can enhance the realism and predictive power of economic theories. He advocates for a competitive approach that combines traditional neoclassical models with new models of limited r
- Author
- elin1722
- Language
- EN