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Bounded Rationality :: Bounded Models

In economics and game theory agents are assumed to follow a model of perfect rationality. This model of rationality assumes that the rational agent knows all and will take the action that maximizes her utility. We can find evidence in the psychology and economics literature as well as in our own lives that shows human beings do not satisfy this definition of rationality. Thus there are many who look to study some notion of bounded rationality. Unfortunately, models of bounded rationality suffer from the exact phenomena that they attempt to explain. Specifically, models of bounded rationality are bounded. Understanding the limits of various rationality models will make clearer their contribution and place in the overall picture of rationality.