Does the Optimal Social Learning Rule Exist
Year: 2002
Type: preprint
Abstract: In this paper I consider a class of a gradual adjustment rules. I discuss conditions under which such a rule can be considered as an attempt to maximize a utility function. I also demonstrate that the optimal adjustment rule does not exists, i. e. no adjustment rule allows to arrive at the optimal choice for all environments. This gives support to Herbert Simon’s (1990) view that lHuman rational behavior ... is shaped by a scissors whose two blades are the structure of task environments and the computational capabilities of the actor.j
Source: SSRN Electronic Journal
Author: Suren Basov
Institution: The University of Melbourne
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3131090620