A model of decision making under bounded rationality Wall, Kent D.

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Wall, Kent D.
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Journal of Economic Behavior & Organization
Functions of bounded variation -- Analysis; Decision making -- Models; Models
An analysis of a decision making model is presented. The model assumes the inclusion of bounded rationality conditions. Such conditions allow the combination of satisficing behavior through environmental feedback. It is shown that a combination of elements introduced from a simple linear response model generates a dynamic process for decision making which covers an extensive range in both long- and short-run terms.
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