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Bounded Rationality and Social Cognition: A Computational Study

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  • Robert Hoffmann

Abstract

This paper examines the implications of a 'strong' version of bounded rationality popular within computational and evolutionary game theory in which agents are represented by finite automata. It is argued that this view has unrealistic features in that agents of this kind are unable to distinguish between opponent or game types. An alternative view of bounded rationality from social cognition accommodating opponent-specific choices is presented and analyzed by computer simulation.

Suggested Citation

  • Robert Hoffmann, 2001. "Bounded Rationality and Social Cognition: A Computational Study," Computing in Economics and Finance 2001 172, Society for Computational Economics.
    • Handle: RePEc:sce:scecf1:172
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    More about this item

    Keywords

    bounded rationality; social cognition; genetic algorithm;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing

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