MODELS OF BOUNDED RATIONALITY AND MECHANISM DESIGN by Ariel Rubinstein, Jacob Glazer ( 9789813141322 )

Item Details

Title:

MODELS OF BOUNDED RATIONALITY AND MECHANISM DESIGN

By:

Ariel Rubinstein, Jacob Glazer

Format:

Hardback

List price:

£95.00

Our price:

£85.50

Discount:

10% off

You save:

£9.50

ISBN 10:

9813141328

ISBN 13:

9789813141322

Availability:

Usually dispatched within 1-3 weeks.

Delivery rates

Stock:

Currently 0 available

Publisher:

WORLD SCIENTIFIC PUBLISHING CO PTE LTD

Pub. date:

22 August, 2016

Series:

World Scientific Series In Economic Theory 7

Pages:

152

Synopsis:

This book brings together the authors' joint papers from over a period of more than twenty years. The collection includes seven papers, each of which presents a novel and rigorous model in Economic Theory.All of the models are within the domain of implementation and mechanism design theories. These theories attempt to explain how incentive schemes and organizations can be designed with the goal of inducing agents to behave according to the designer's (principal's) objectives. Most of the literature assumes that agents are fully rational. In contrast, the authors inject into each model an element which conflicts with the standard notion of full rationality, demonstrating how such elements can dramatically change the mechanism design problem.Although all of the models presented in this volume touch on mechanism design issues, it is the formal modeling of bounded rationality that the authors are most interested in. A model of bounded rationality signifies a model that contains a procedural element of reasoning that is not consistent with full rationality. Rather than looking for a canonical model of bounded rationality, the articles introduce a variety of modeling devices that will capture procedural elements not previously considered, and which alter the analysis of the model.The book is a journey into the modeling of bounded rationality. It is a collection of modeling ideas rather than a general alternative theory of implementation.

Publication:

Singapore

Imprint:

World Scientific Publishing Co Pte Ltd

Returns:

Returnable

Some other items by this author:

A COURSE IN GAME THEORY (PB)

BARGAINING AND MARKETS (HB)

ECONOMIC FABLES (PB)

ECONOMICS AND LANGUAGE

ECONOMICS AND LANGUAGE (HB)