Rationality, Bounded Rationality and Microfoundations

Rationality, Bounded Rationality and Microfoundations

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This book challenges the generally accepted theories of classical economics, explaining why the expected utility theory, even if it were true, fails to be of much help in solving economic controversies.60 individuals to choose between an Emerson microwave priced at $110 and a Panasonic priced at $180. The subjects were told that both items were on sale, with one third off the regular price. Of these individuals, 57 per cent chose theanbsp;...


Title:Rationality, Bounded Rationality and Microfoundations
Author: R. Salehnejad
Publisher:Springer - 2006-11-28
ISBN-13:

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