Bounded rationality is rare

• 成果类型: Article
• 署名作者: Giarlotta, Alfio; Petralia, Angelo; Watson, Stephen
• 署名单位: University of Catania; University of Turin; Collegio Carlo Alberto; York University - Canada
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2022.105509
• 发表日期: 2022
• 关键词: Bounded rationality; Hereditary property; Choice isomorphism; Rarity; Numerical estimates

摘要

Most bounded rationality properties in the literature are inherited by subchoices, but are not satisfied by at least one subchoice of most choice functions. Therefore the fraction of choice functions that can be explained by these models goes to zero as the number of items tends to infinity. Numerical estimates confirm the rarity of bounded rationality even for small sets of alternatives.(c) 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).