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A classroom experiment on the causes and forms of bounded rationality in individual choice
journal contribution
posted on 2019-09-17, 10:21 authored by Anna Rita BennatoAnna Rita Bennato, Adrian GourlayAdrian Gourlay, Christopher WilsonChristopher WilsonBounded 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 EducationVolume
51Issue
1Pages
31 - 41Publisher
Taylor & Francis (Routledge)Version
- AM (Accepted Manuscript)
Rights holder
© Taylor & Francis Group, LLCPublisher 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
2019-07-31Publication date
2020-01-25Copyright date
2020ISSN
0022-0485eISSN
2152-4068Publisher version
Language
- en
Depositor
Dr Christopher WilsonUsage metrics
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