Questions and Answers
What is the basis of Cognitive BE, according to the given text?
Herbert Simon's concept of bounded rationality
What are the two definitions of rational behavior, as per the text?
Procedural rationality and consistent time preferences
What is NET (Neoclassical Economic Theory) based on, according to the given text?
Substantial Rationality
Can the economic agent be rational if he takes a procedural behavior, according to the text?
Signup and view all the answers
What does Satisficing behavior imply, according to the text?
Signup and view all the answers
What are the main assumptions of SEM (Standard Economic Models), as per the text?
Signup and view all the answers
What is Loss aversion?
Signup and view all the answers
What are the two anomalies that can be explained with Loss aversion?
Signup and view all the answers
What is the Extremeness aversion?
Signup and view all the answers
What is the Preference reversal given the context?
Signup and view all the answers
What is Assymetric dominance?
Signup and view all the answers
What is the Similarity effect?
Signup and view all the answers
What is Cooperative game?
Signup and view all the answers
What is the difference in Nash Equilibrium of Prisoner's Dilemma in finitely repeated and infinitely repeated games?
Signup and view all the answers
What is Edgeworth model of social utility?
Signup and view all the answers
What is Simon’s Bounded Rationality?
Signup and view all the answers