bounded

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having the limits or boundaries established

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Moreover, the model would also have to incorporate how difficult it would be for a boundedly rational PIPE issuer to estimate the payoff consequences.
Thus, boundedly rational consumer decisionmaking threatens to destabilize the contractualist enterprise on at least two levels.
First, most people are at best boundedly rational, and that includes auditors.
According to Williamson, chief executive officers created the multidivisional structure, the "M-form," in the twenties as a solution to problems of administrative and communicative overload in the unitary firm, the "U-form," for boundedly rational managers.
It is well understood that firm managers have their own vested interests that have little to do with firm performance, are boundedly rational, or can underestimate the magnitude of the cost of managing the outsourcing process and the contract with the vendors relative to benefits (on account of hubris).
Using game theory in a condition of bounded rationality, Crawford (2003) finds that in some cases of misrepresenting intentions to competitors, rational players exploit boundedly rational players but are not themselves fooled.
Institutional theorists question this assumption, noting that an aggregation of boundedly rational, satisficing individuals is unlikely to add up to a rational effective market (DiMaggio & Powell, 1983).
They show that an equilibrium model of boundedly rational behavior helps to explain this interesting effect.
Boundedly rational consumers following heuristics may make suboptimal decisions when facing differentiated markets with incomplete information.
1981) (describing the boundedly rational decision-maker as "a satisficer, a person who accepts 'good enough' alternatives, not because he prefers less to more, but because he has no choice"); Ariel Rubinstein, Modeling Bounded Rationality 107-120 (1998) (discussing various approaches to modeling bounded rationality within groups).
35) Another possible way of relaxing the strict assumptions of the model is to consider boundedly rational actors.
Neustadt begins with a very simple premise: assume a generic president--a boundedly rational, power-seeking individual operating in a system of separated institutions sharing powers.
Many of these effects are discussed in the literature on behavioral industrial organization, which documents and studies markets with boundedly rational consumers and rational firms.
Subjects, after all, are boundedly rational and manage only to grope for optimality over time.
This means that there exists a linear bounded and boundedly invertible operator A (orthogonalizer) such that the family [{A[x.