Archivio per 2 ottobre 2016

02
Ott
16

Reasoning the Fast and Frugal Way: Models of Bounded Rationality

See on Scoop.itBounded Rationality and Beyond

Gerd Gigerenzer and Daniel G. Goldstein Max Planck Institute for Psychological Research and University of Chicago Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon’s notion of satisficing, the authors have proposed a family of algorithms based on a simple psychological mechanism: onereason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the authors held a competition between the satisficing “Take The Best” algorithm and various “rational” inference procedures (e.g., multiple regression). The Take The Best algorithm matched or outperformed all competitors in inferential speed and accuracy. This result is an existence proof that cognitive mechanisms capable of successful performance in the real world do not need to satisfy the classical norms of rational inference.

See on dangoldstein.com

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02
Ott
16

Freedom of choice and bounded rationality: a brief appraisal of behavioral economists’ plea for light paternalism

See on Scoop.itBounded Rationality and Beyond

Freedom of choice and bounded rationality: a brief appraisal of behavioral economists’ plea for light paternalism.

Behavioral economics has addressed interesting positive and normative questions underlying the standard rational choice theory. More recently, it suggests that, in a real world of boundedly rational agents, economists could help people to improve the quality of their choices without any harm to autonomy and freedom of choice. This paper aims to scrutinize available arguments for and against current proposals of light paternalistic interventions mainly in the domain of intertemporal choice. It argues that incorporating the notion of bounded rationality in economic analysis and empirical findings of cognitive biases and self-control problems cannot make an indisputable case for paternalism.

See on scielo.br




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