Procedural Analysis of Choice Rules with Applications to Bounded Rationality
研究信息处理能力有限如何影响选择行为，通过自动机模型衡量选择规则的复杂性，发现比效用最大化简单的规则都会产生框架效应，而最优权衡下的规则表现为历史依赖的满意决策，并显示首因和近因效应。
I study how limited abilities to process information affect choice behavior. I model the decision-making process by an automaton, and measure the complexity of a specific choice rule by the minimal number of states an automaton implementing the rule uses to process information. I establish that any choice rule that is less complicated than utility maximization displays framing effects. I then prove that choice rules that result from an optimal trade-off between maximizing utility and minimizing complexity are history-dependent satisficing procedures that display primacy and recency effects.