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Complexity Theoretic Bounded Rationality and Satisficing

  • Kumaraswamy Vela Velupillai
Part of the New Economic Windows book series (NEW)

Abstract

Formally, the orthodox rational agent’s ‘Olympian’ choices ([9], p. 19) appear to be made in a static framework. However, a formalization of consistent choice, underpinned by computability, suggests satisficing in a boundedly rational framework is not only more general than the model of ‘Olympian’ rationality; it is also consistently dynamic. This kind of naturally process-oriented approach to the formalization of consistent choice can be interpreted and encapsulated by varieties of frameworks of theories of complexity.

Keywords

Rational Agent Decision Problem Rational Choice Turing Machine Bound Rationality 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Italia 2010

Authors and Affiliations

  • Kumaraswamy Vela Velupillai
    • 1
  1. 1.Department of Economics & CIFREMUniversity of TrentoTrentoItaly

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