Customer Reviews

Modeling Bounded Rationality

5 star:		(2)
4 star:		(0)
3 star:		(1)
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Very well written in terms of technical coverage and originality of modelling bounded rationality and its application to game theory. However, the author develops most of his theories from either assumption and speculation or no justification at all in terms of formally depicting human rationality. It would have been a much more powerful book if there was a greater coverage of empirical evidence and bridging between psychology, artificial intelligence and economics. This lop-sided approach of modelling using solely game theoretic terminology and concepts ambiguous in their relevancy to simulating human thought and behaviour. However, there are some chapters, such as the one on knowledge representation and the other on limited memory that are the exception to this. Overall though, the book is still quite innovative and worth a read.

This is a terrific book for anyone who wants to know more about tractable ways to relax the usual economist's assumption of perfect rationality. The book is well written and includes some exercises which would lead an ambitious reader to write his own book on the topic. If you are interested in bounded rationality, this is a book you should own.

A very interesting book on an interesting subject. The mathematic is very easy, the thoughts are not, or at least not always.
For anybody interested in this subject, this is good reading material.