博文
Rationality Model and Choice Optimization
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Rationality Model and Choice Optimization:
One answer to Aumann’s “open problem” and one introduction to a new mathematical tool
working papers 003
Ai WU
School of Management
Dalian University of Technology, Dalian 116023, China
Abstract: The dynamical process of choice optimization is the realistic starting point of constructing dynamical economics or evolutionary economics. Rationality model is the logical basis for choice optimization. But in fact, as the common theoretical base in modern economics, rationality modeling is a complex problem unsolved. In this paper, a model of natural rationality (R) is introduced, and R is defined as nonlinear function of agent’s output benefits (OBS) and input costs (ICS). This mathematical model of natural rationality can be considered as one answer to Aumann’s “open problem”. On the basis of the rationality model, mathematical model of natural rationality is compared with model of bounded (or incomplete) rationality and unbounded (or complete) rationality, and their relations are analyzed according to the completeness degree of information. At last, the dynamic optimization process of rational choice on the basis of mathematical model of natural rationality is introduced.
Keywords:rationality model; rational choice;choice optimization;choice process; mathematical tool
This papers has been accepted by The International Conference on Computational Intelligence and Software Engineering (CiSE) , and will be indexed by Ei and ISTP.
This conference will cover information security, multimedia and graphics technologies, computational intelligence, and software engineering.
https://m.sciencenet.cn/blog-321317-270166.html
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