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A classroom experiment on the causes and forms of bounded rationality in individual choice

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posted on 2019-09-17, 10:21 authored by Anna Rita BennatoAnna Rita Bennato, Adrian GourlayAdrian Gourlay, Christopher WilsonChristopher Wilson
Bounded rationality is a key concept with implications across all areas of economics. To help students better understand the nature, causes and forms of bounded rationality in individual choice, we present a flexible classroom experiment. Beyond providing students with some first-hand evidence of bounded rationality, the experiment shows how a range of factors can prompt bounded rationality and illustrates how it can manifest itself in the form of different behaviours. The experiment can be conducted with any number of students and takes approximately 30 minutes to conduct, with a further 10-20 minutes to reflect and debrief.

History

School

  • Business and Economics

Department

  • Economics

Published in

The Journal of Economic Education

Volume

51

Issue

1

Pages

31 - 41

Publisher

Taylor & Francis (Routledge)

Version

  • AM (Accepted Manuscript)

Rights holder

© Taylor & Francis Group, LLC

Publisher statement

This is an Accepted Manuscript of an article published by Taylor & Francis in The Journal of Economic Education on 25 January 2020, available online: http://www.tandfonline.com/10.1080/00220485.2019.1687374.

Acceptance date

2019-07-31

Publication date

2020-01-25

Copyright date

2020

ISSN

0022-0485

eISSN

2152-4068

Language

  • en

Depositor

Dr Christopher Wilson

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