About: The anatomy of error in decision-making of rationally behaving agents from the perspective of the theory of bounded rationality: Extension for contextual games

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Description	How can errors in decision-making by rationally behaving individuals be explained? The concepts of bounded rationality proposed by H. Simon and of imperfect information in the complex reality by F. Hayek attack the over-restrictive assumption of perfectly informed individuals or organisms in neoclassical microeconomics. Since this assumption excludes erroneous decision-making, some results must be explained by questioning the rationality assumption. In this paper, we show that erroneous decision-making of individuals and organisms is not necessarily erroneous if we look at the contextual games which individuals and organisms play in the complex reality. This helps to explain errors in the decision-making of individuals or organisms, while maintaining the assumption of rational behavior. At the same time, we show that the errors observed in the contextual analysis of games in the decision-making of individuals or organisms can only be apparent. How can errors in decision-making by rationally behaving individuals be explained? The concepts of bounded rationality proposed by H. Simon and of imperfect information in the complex reality by F. Hayek attack the over-restrictive assumption of perfectly informed individuals or organisms in neoclassical microeconomics. Since this assumption excludes erroneous decision-making, some results must be explained by questioning the rationality assumption. In this paper, we show that erroneous decision-making of individuals and organisms is not necessarily erroneous if we look at the contextual games which individuals and organisms play in the complex reality. This helps to explain errors in the decision-making of individuals or organisms, while maintaining the assumption of rational behavior. At the same time, we show that the errors observed in the contextual analysis of games in the decision-making of individuals or organisms can only be apparent. (en)
Title	The anatomy of error in decision-making of rationally behaving agents from the perspective of the theory of bounded rationality: Extension for contextual games The anatomy of error in decision-making of rationally behaving agents from the perspective of the theory of bounded rationality: Extension for contextual games (en)
skos:prefLabel	The anatomy of error in decision-making of rationally behaving agents from the perspective of the theory of bounded rationality: Extension for contextual games The anatomy of error in decision-making of rationally behaving agents from the perspective of the theory of bounded rationality: Extension for contextual games (en)
skos:notation	RIV/62156489:43110/12:00187812!RIV13-MSM-43110___
http://linked.open...avai/riv/aktivita	Z
http://linked.open...avai/riv/aktivity	Z(MSM6215648904)
http://linked.open...vai/riv/dodaniDat	2013
http://linked.open...aciTvurceVysledku	Otáhal, Tomáš
http://linked.open.../riv/druhVysledku	O - Ostatní výsledky nezařaditelné do žádného z výše uvedených druhů výsledku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Mendelova univerzita v Brně / Provozně ekonomická fakulta
http://linked.open...dnocenehoVysledku	122739
http://linked.open...ai/riv/idVysledku	RIV/62156489:43110/12:00187812
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Bounded rationality, complex systems, contextual games, erroneous behavior, rational decision-making (en)
http://linked.open.../riv/klicoveSlovo	complex systems Bounded rationality contextual games erroneous behavior rational decision-making
http://linked.open...ontrolniKodProRIV	[EDDA11258B4D]
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...UplatneniVysledku	2012
http://linked.open...iv/tvurceVysledku	Otáhal, Tomáš Valenčík, Radim
http://linked.open...n/vavai/riv/zamer	The Czech Economy in the Process of Integration and Globalisation, and the Development of Agricultural Sector and the Sector of Services under the New Conditions of the Integrated European Market
http://localhost/t...ganizacniJednotka	43110

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