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SFB 504:  Rationality concepts, decision behavior,and economic modelling

Subject Area Social and Behavioural Sciences
Term from 1997 to 2008
Project identifier Deutsche Forschungsgemeinschaft (DFG) - Project number 5480911
 
The program of the collaborative research centre 504 comprises the theoretical foundation, empirical analysis and economic application of behavior which cannot be described by standard expected utility theory. This research program involves projects from three different disciplines: business administration, economics, and social psychology.It has long been recognized that while theoretically appealing in many respects, the standard paradigm of rational behavior is too restrictive to be useful in the analysis of human decisions in many real-world situations. We therefore want to study models based on real behavior. Some of these models take into account the cognitive limitations of the decision-maker, i.e. limitations of both knowledge and analytical or computational capacity. Some other models imply optimization procedures which are able to describe a set of behavior richer than that described by expected utility. The collaboratie research centre 504 addresses the foundation and application of behavior in three interdependent projects: Researchers involved in the collaborative research centre analyze the cognitive process of individual decision-making mainly in experimental studies (Projectgroup A), they investigate various concepts of decision-making in economic applications (Projectgroup B), and they assess the implications of a richer set of behavior in different institutional contexts such as organizations or markets (Projectgroup C). It is hoped that this research effort will eventually lead to a better understanding of human decision-making in general, and to an improved ability to analyze the influence of the actual decision-making process on the decisions that are eventually reached in real-world situations.
DFG Programme Collaborative Research Centres

Completed projects

Applicant Institution Universität Mannheim
 
 

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