Consumer Optimization Problem Solving (ePub)
(Sprache: Englisch)
What algorithms are tractable depends on the speed of the processor. Given the speed of digital computers, polynomial algorithms are considered tractable. But, a human can take several seconds to make one binary comparison between two pens. Given this slow...
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What algorithms are tractable depends on the speed of the processor. Given the speed of digital computers, polynomial algorithms are considered tractable. But, a human can take several seconds to make one binary comparison between two pens. Given this slow speed, sublinear algorithms are considered tractable for an unaided human and this defines Simon's concept of bounded rationality.Humans make simplifications to solve the intractable consumer optimization problem. Consumers search for goods and services item-by-item, which greatly reduces the number of alternatives to consider. In addition, consumers have operators that can process a set in a single operation. Also, consumers budget by incremental adjustment.In considering consumer performance the question to ask is how close to optimal is consumer performance and not whether consumers optimize as a yes/no question. Given the ordinal nature of utility theory this creates a basic measurement problem. The book...
Autoren-Porträt von Alfred L Norman
Alfred L Norman is currently a Professor Emeritus in Economics at The University of Texas at Austin. He is author of Information Security (Kluwer, 1993). His research areas are consumer theory, optimization theory, estimation and control, computational complexity, and technological advances. He has published articles in Econometrica, Review of Economic Studies, International Economic Review, IEEE Transactions in Automatic Control, and numerous other journals. He has been associate editor of the Journal of Economic Dynamics and Control, and is or has been on the editorial board of Acta Applicandae Mathematicae and Computational Economics.
Bibliographische Angaben
- Autor: Alfred L Norman
- 2014, Englisch
- ISBN-10: 9814635294
- ISBN-13: 9789814635295
- Erscheinungsdatum: 15.12.2014
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- Dateiformat: ePub
- Größe: 3.59 MB
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Sprache:
Englisch
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