Models of bounded rationality and their role in the transformation of the Belarusian economy

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Journal paper

Creative Economy ^{(РИНЦ, ВАК)}
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Volume 13, Number 2 (February 2019)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=37099935
Cited: 4 by 24.01.2023

Abstract:
As a result of a study of the cognitive abilities of economic agents and the availability of the information when making decisions, the conclusion was made that in the near future the following models of bounded rationality — the satisfactory model, the cost model, and the reliability model — will be most widely used in the economy of Belarus. It has been established that to ensure the transformation of the economy based on the import of institutions, the use of such a learning model of bounded rationality is of critical importance. As measures of economic policy, it is recommended to provide support for the formation of organized markets, including stock exchanges, since this will allow to form objective prices with the lowest transaction costs, and thereby provide adequate signals to economic agents for their decision-making. The creation of analytical information centers is substantiated, which are able to provide economic agents with relevant and reliable information about the state of the markets and other data for making effective decisions.

Keywords: learning model, model of bounded rationality, satisfactory model, cost model, reliability model, economy of Belarus, organized markets

JEL-classification: O52, O10, P50

References:

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