<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>The prime intent of this article is to propose a new model in the paradigm of behavioral and business economics. To attain this objective, the study modifies a famous behavioral model of the Theory of Planned Behavior (TPB), which is based on the generalized unbounded rationality of neoclassical economics in dictating actual human behavior. Based on the idea of bounded rationality expounded by Herbert A. Simon, TPB has been modified by replacing intention variable with bounded rationality as the antecedent of actual behavior. The new model has been tested collating data collected from the participants of a Microfinance Institute currently operating in Bangladesh. Data were analyzed following the procedure of structural equation modeling (SEM). The findings of the experiment show that the new model of TBRPB’s predictability is observed to be much better than TPB which may be regarded as a basic contribution to the existing body of knowledge.</p>
</abstract>

The prime intent of this article is to propose a new model in the paradigm of behavioral and business economics. To attain this objective, the study modifies a famous behavioral model of the Theory of Planned Behavior (TPB), which is based on the generalized unbounded rationality of neoclassical economics in dictating actual human behavior. Based on the idea of bounded rationality expounded by Herbert A. Simon, TPB has been modified by replacing intention variable with bounded rationality as the antecedent of actual behavior. The new model has been tested collating data collected from the participants of a Microfinance Institute currently operating in Bangladesh. Data were analyzed following the procedure of structural equation modeling (SEM). The findings of the experiment show that the new model of TBRPB’s predictability is observed to be much better than TPB which may be regarded as a basic contribution to the existing body of knowledge.

Theory of Boundedly Rational Planned Behavior: A New Model

Zagreb International Review of Economics and Business

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"Theory of Boundedly Rational Planned Behavior: A New Model"}

The prime intent of this article is to propose a new model in the paradigm of behavioral and business economics. To attain this objective, the study modifies a...

Theory of Boundedly Rational Planned Behavior: A New Model

Published Online: Jun 09, 2023

Page range: 1 - 28

DOI: https://doi.org/10.2478/zireb-2023-0001

Keywords
Bounded rationality, Bounded self-interest, Bounded willpower, TPB, TBRPB

© 2023 Mohammad Ali Ashraf, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Theory of Boundedly Rational Planned Behavior: A New Model

Published Online: Jun 09, 2023

Page range: 1 - 28

DOI: https://doi.org/10.2478/zireb-2023-0001

KeywordsBounded rationality, Bounded self-interest, Bounded willpower, TPB, TBRPB

© 2023 Mohammad Ali Ashraf, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
Bounded rationality, Bounded self-interest, Bounded willpower, TPB, TBRPB