ERIC Number: EJ1242538
Record Type: Journal
Publication Date: 2020
Pages: 11
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0022-0485
EISSN: N/A
A Classroom Experiment on the Causes and Forms of Bounded Rationality in Individual Choice
Bennato, Anna Rita; Gourlay, Adrian; Wilson, Chris M.
Journal of Economic Education, v51 n1 p31-41 2020
Bounded rationality is a key concept with implications across all areas of economics. To help students better understand the nature, causes and forms of bounded rationality in individual choice, the authors present a flexible classroom experiment. Beyond providing students with some first-hand evidence of bounded rationality, the experiment shows how a range of factors can prompt bounded rationality and illustrates how it can manifest itself in the form of different behaviors. The experiment can be conducted with any number of students and takes approximately 30 minutes to conduct, with a further 10 to 20 minutes to reflect and debrief.
Descriptors: Economics Education, Microeconomics, Educational Experiments, Class Activities, College Instruction, Undergraduate Students
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A