Download Bounded Rational Behavior in Experimental Games and Markets: by Reinhard Tietz (auth.), Prof. Dr. Reinhard Tietz, Prof. Dr. PDF

By Reinhard Tietz (auth.), Prof. Dr. Reinhard Tietz, Prof. Dr. Wulf Albers, Prof. Dr. Reinhard Selten (eds.)

The booklet studies on fresh experimental study on expectancies and determination making in bargaining, markets, auctions, or coalition formation events. The investi- gated subject matters bring development stones for a bounded rational idea as an method of clarify habit and interpersonal interactions in financial and social relationships.

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Extra resources for Bounded Rational Behavior in Experimental Games and Markets: Proceedings of the Fourth Conference on Experimental Economics, Bielefeld, West Germany, September 21–25, 1986

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GOURRIEROUX/PRADEL, J. (1986): Learning Procedures and Convergence to Rationality, Econometrica 4, pp. 845-868. KANTOR, B. Lit. XVII, pp. 1422-1441. K. (1978): The Rationality of Economic Forecasts, AER Pap. , pp. 301-305. F. (1961): Rational Expectations and the Theory of Price Movements, Econometrica 29, pp. 315-335. J. (1978): Rationale Erwartungen und l{lirtschaftspolitik, in: Zeitschrift fur die Gesamte Staatswissenschaft 134, pp. 57-72. ZIMMERMANN, Klaus F. (1986): On Rationality of Business Expectations: A Micro-Analysis of Qualitative Responses, Empirical Economics, Vol.

Wendt 28 Discussion A multiattribute utility function taking into account positive evaluations not only of the decision maker's own wealth but also that of the others solves the classical dilemma situation. The basic function failed to predict our experimental data because the individuals varied in their use of the relevant parameters probability, group size, and gain. Never- theless, the majority of individuals showed only slight inconsistencies in their individual strategies over different contexts.

These predictions were analysed for the following questions: dictions? (1) Is there a learning process towards better pre- (2) Can the last predictions be explained by a weak form of the Rational Expectations Hypothesis? (3) Can we observe short-term adaptations of the prediction rule and, if so, how do they work? (4) Are there better descriptions of prediction behaviour than Rational Expectations? 1. INTRODUCTION Expectations often play an important role in decision-making, for example in investment decisions, or during a job search, or even when deciding whether or not to marry a certain girl.

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