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Bounded Rationality in Choice Theory: A Survey

Author

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  • Geoffroy de Clippel
  • Kareen Rozen

Abstract

A vibrant literature incorporates elements of bounded rationality into choice theory. We survey this work, discussing five central ways in which the literature has modeled departures from the rational choice procedure. We discuss the variety of purposes axiomatic choice characterizations serve for these positive theories, delve into experimental tests, synthesize the welfare debate, and assess important future directions.

Suggested Citation

  • Geoffroy de Clippel & Kareen Rozen, 2024. "Bounded Rationality in Choice Theory: A Survey," Journal of Economic Literature, American Economic Association, vol. 62(3), pages 995-1039, September.
    • Handle: RePEc:aea:jeclit:v:62:y:2024:i:3:p:995-1039
    DOI: 10.1257/jel.20231592
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    More about this item

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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