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Introduction: methodologies of bounded rationality

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  • Till Grüne-Yanoff
  • Caterina Marchionni
  • Ivan Moscati

Abstract

The modelling of bounded rationality is currently pursued by approaches that exhibit a wide diversity of methodologies. This special issue collects five contributions that discuss different methodological aspects of these approaches. In our introduction, we map the variety of methodological positions with respect to three questions. First, what kinds of evidence do the respective approaches consider relevant for modelling bounded rationality? Second, what kind of modelling desiderata do the respective approaches focus on? And third, how do the respective approaches justify the normative validity of bounded rationality? To broaden the picture, we not only discusss the five contributions of this issue, but also include relevant positions from the extant literature.

Suggested Citation

  • Till Grüne-Yanoff & Caterina Marchionni & Ivan Moscati, 2014. "Introduction: methodologies of bounded rationality," Journal of Economic Methodology, Taylor & Francis Journals, vol. 21(4), pages 325-342, December.
    • Handle: RePEc:taf:jecmet:v:21:y:2014:i:4:p:325-342
    DOI: 10.1080/1350178X.2014.972140
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    Cited by:

    1. Andreas Ortmann & Leonidas Spiliopoulos, 2017. "The beauty of simplicity? (Simple) heuristics and the opportunities yet to be realized," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 7, pages 119-136, Edward Elgar Publishing.
    2. Moscati, Ivan, 2021. "On the recent philosophy of decision theory," LSE Research Online Documents on Economics 115039, London School of Economics and Political Science, LSE Library.

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