Information Processing and Bounded Rationality: A Survey
Barton L. Lipman · Canadian Journal of Economics/Revue canadienne d économique · 1995
This paper surveys recent attempts to formulate a plausible and tractable model of bounded rationality. The author focuses in particular on models that view bounded rationality as stemming from limited information processing. He discusses partitional models (such as computability, automata, perceptions, and optimal networks), nonpartitional models, and axiomatic approaches.