Bounded rationality is rare

Alfio Giarlotta · Angelo Petralia · Stephen Watson

7 citations0/0 files storedJournal of Economic Theory

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Decision-Making and Behavioral Economics Game Theory and Voting Systems Game Theory and Applications

Abstract

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.

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References

1955A BEHAVIORAL MODEL OF RATIONAL CHOICE 1938A Note on the Pure Theory of Consumer's Behaviour 1954Rational Selection of Decision Functions 2007Sequentially Rationalizable Choice 2004Rational choice with status quo bias 2012Revealed Attention 1973On a System of Inequalities in Demand Analysis: An Extension of the Classical Method 2017When more is less: Limited consideration

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2023Context-sensitive rationality: Choice by salience 2022The number of boundedly rational choices on four elements

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