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Bounded Rationality in Individual Decision Making

Published online by Cambridge University Press:  14 March 2025

Colin Camerer
Colin Camerer*
Affiliation:
Division of Humanities and Social Sciences, California Institute of Technology, Pasadena CA 91125
*
email: camerer@hss.caltech.edu
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Abstract

The main objectives of this paper are: (i) To give a pithy, opinionated summary of what has been learned about bounded rationality in individual decision making from experiments in economics and psychology (drawing on my 1995 Handbook of Experimental Economics chapter); and (ii) mention some promising new directions for research which would be included if that chapter were written today.

Information

Type
Research Article
Information
Experimental Economics , Volume 1 , Issue 2 , September 1998 , pp. 163 - 183
Copyright
Copyright © 1998 Economic Science Association

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