Boundedly rational expected utility theory

Volume: 57, Issue: 3, Pages: 199 - 223
Published: Dec 1, 2018
Abstract
We build a satisficing model of choice under risk which embeds Expected Utility Theory (EUT) into a boundedly rational deliberation process. The decision maker accumulates evidence for and against alternative options by repeatedly sampling from her underlying set of EU preferences until the evidence favouring one option satisfies her desired level of confidence. Despite its EUT core, the model produces patterns of behaviour that violate standard...
Paper Details
Title
Boundedly rational expected utility theory
Published Date
Dec 1, 2018
Volume
57
Issue
3
Pages
199 - 223
Citation AnalysisPro
  • Scinapse’s Top 10 Citation Journals & Affiliations graph reveals the quality and authenticity of citations received by a paper.
  • Discover whether citations have been inflated due to self-citations, or if citations include institutional bias.