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• W2104456670 abstract "I develop a model of endogenous bounded rationality due to search costs, arising implicitly from the problem’s complexity. The decision maker is not required to know the entire structure of the problem when making choices but can think ahead, through costly search, to reveal more of it. However, the costs of search are not assumed exogenously; they are inferred from revealed preferences through her choices. Thus, bounded rationality and its extent emerge endogenously: as problems become simpler or as the beneflts of deeper search become larger relative to its costs, the choices more closely resemble those of a rational agent. For a flxed decision problem, the costs of search will vary across agents. For a given decision maker, they will vary across problems. The model explains, therefore, why the disparity, between observed choices and those prescribed under rationality, varies across agents and problems. It also suggests, under reasonable assumptions, an identifying prediction: a relation between the beneflts of deeper search and the depth of the search. As long as calibration of the search costs is possible, this can be tested on any agent-problem pair. My approach provides a common framework for depicting the underlying limitations that force departures from rationality in difierent and unrelated decision-making situations. Speciflcally, I show that it is consistent with violations of timing independence in temporal framing problems, dynamic inconsistency and diversiflcation bias in sequential versus simultaneous choice problems, and with plausible but contrasting risk attitudes across small- and large-stakes gambles. ⁄ Collegio Carlo Alberto, Moncalieri(TO), Italy. I am grateful to Chris Shannon for invaluable advice on this and earlier versions. Discussions with David Ahn, Bob Anderson, Paolo Ghirardato, Shachar Kariv, Botond Koszegi, Matthew Rabin, Jacob Sagi, and Adam Szeidl were of signiflcant beneflt. I also received helpful comments from Art Boman, Zack Grossman, Kostis Hatzitaskos, Kristof Madarasz, George Petropoulos, Florence Neymotin, and participants in the Xth Spring Meeting of Young Economists, the 2005 Conference of the Southwestern Economic Association, the 3rd and 5th Conference on Research in Economic Theory and Econometrics, and the 2007 SAET conference. Needless to say, all errors are mine. This research was supported by a Fellowship from the State Scholarship Foundation of Greece." @default.
• W2104456670 created "2016-06-24" @default.
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• W2104456670 date "2013-10-01" @default.
• W2104456670 modified "2023-09-27" @default.
• W2104456670 title "Complexity and Bounded Rationality in Individual Decision Problems" @default.
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