Bounded Rationality in Industrial Organizatio

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1、BoundedRationalityinIndustrialOrganization1GlennEllisonMITandNBERJanuary20061ThispapersupportedbyNSFgrantSES-0219205.TomChangandMosheCohenprovidedvaluableresearchassistance.IthankRichardBlundell,KenHendricks,andmanyWorldCongressattendeesfortheircomments.AbstractThispap

2、erdiscussestheuseofboundedrationalityinindustrialorganization.Thereisalongtraditionofsuchwork:literaturesfromvariousdecadeshavediscussedirrationalitiesbyfirmsandconsumers.Threemainapproachesarefoundintherecentliterature:rule-of-thumbpapersspecifysimplerulesforbehavior;e

3、xplicitboundspapersconsideragentswhomaximizepayoffsnetofcognitivecosts;thepsychologyandeconomicsapproachtypicallycitesexperimentalevidencetomotivateutility-likeframworks.Commontoeachrecentliteratureisafocusonconsumerirrationalitiesthatfirmsmightexploit.Idiscussseveralnew

4、topicsthathavebeenopenedupbytheconsiderationofboundedrationalityandnewperspectivesthathavebeenprovidedontraditionaltopics.1IntroductionInthelastfewyearstherehasbeenasurgeofinterestinboundedrationalityinindustrialorganization.Thefieldhasattractedtheattentionofaremarkable

5、collectionoftopyoungresearchersfromindustrialorganizationandbehavioraleconomics.Muchoftherecentin-teresthasbeenspurredbydevelopmentsinpsychologyandeconomics,butthereisalsoalongstandingtraditionofsuchworkinindustrialorganization.Althoughthefieldisnotyetascoherentandadvan

6、cedasmostfieldssurveyedatanEconometricSocietyWorldCongress,thefactthatdiversestrandsofresearchanddiverseresearchersarecomingto-getherseemedtometomakeitatopicforwhichadiscussioncouldbeuseful.Theterms“boundedlyrational”and“behavioral”havebeenusedbydifferentgroupsofeconomis

7、tsovertheyearstodescribedifferentstylesofwork.The“boundedrationality”inmytitleisinterpretedbroadly,andincludesworkfromthreedifferenttraditions.OnetraditionIcalltherule-of-thumbapproach.Thesepaperstypicallyassumedirectlythatconsumersorfirmsbehaveinsomesimpleway,ratherthand

8、erivingbehaviorasthesolu-tiontoamaximizationproblem.AsecondtraditioniswhatIcallthe“explicitboundedrationality”approac