Switch to: References

Citations of:

Modeling Bounded Rationality

MIT Press (1998)

Add citations

You must login to add citations.
  1. Herbert Simon’s Silent Revolution.Werner Callebaut - 2007 - Biological Theory 2 (1):76-86.
    Simon’s bounded rationality , the first scientific research program to seriously take the cognitive limitations of decision makers into account, has often been conflated with his more restricted concept of satisficing—choosing an alternative that meets or exceeds specified criteria, but that is not guaranteed to be unique or in any sense “the best.” Proponents of optimization often dismiss bounded rationality out of hand with the following “hallway syllogism” : bounded rationality “boils down to” satisficing; satisficing is “simply” a theory of (...)
    Download  
     
    Export citation  
     
    Bookmark   12 citations  
  • “Economic man” in cross-cultural perspective: Behavioral experiments in 15 small-scale societies.Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Ernst Fehr, Herbert Gintis, Richard McElreath, Michael Alvard, Abigail Barr, Jean Ensminger, Natalie Smith Henrich, Kim Hill, Francisco Gil-White, Michael Gurven, Frank W. Marlowe & John Q. Patton - 2005 - Behavioral and Brain Sciences 28 (6):795-815.
    Researchers from across the social sciences have found consistent deviations from the predictions of the canonical model of self-interest in hundreds of experiments from around the world. This research, however, cannot determine whether the uniformity results from universal patterns of human behavior or from the limited cultural variation available among the university students used in virtually all prior experimental work. To address this, we undertook a cross-cultural study of behavior in ultimatum, public goods, and dictator games in a range of (...)
    Download  
     
    Export citation  
     
    Bookmark   131 citations  
  • Resource Rationality.Thomas F. Icard - manuscript
    Theories of rational decision making often abstract away from computational and other resource limitations faced by real agents. An alternative approach known as resource rationality puts such matters front and center, grounding choice and decision in the rational use of finite resources. Anticipated by earlier work in economics and in computer science, this approach has recently seen rapid development and application in the cognitive sciences. Here, the theory of rationality plays a dual role, both as a framework for normative assessment (...)
    Download  
     
    Export citation  
     
    Bookmark   1 citation  
  • Communication and content.Prashant Parikh - 2019 - Berlin, Germany: Language Science Press.
    Communication and content presents a comprehensive and foundational account of meaning based on new versions of situation theory and game theory. The literal and implied meanings of an utterance are derived from first principles assuming little more than the partial rationality of interacting agents. New analyses of a number of diverse phenomena – a wide notion of ambiguity and content encompassing phonetics, syntax, semantics, pragmatics, and beyond, vagueness, convention and conventional meaning, indeterminacy, universality, the role of truth in communication, semantic (...)
    Download  
     
    Export citation  
     
    Bookmark   2 citations  
  • An Analysis of the Interaction Between Intelligent Software Agents and Human Users.Christopher Burr, Nello Cristianini & James Ladyman - 2018 - Minds and Machines 28 (4):735-774.
    Interactions between an intelligent software agent and a human user are ubiquitous in everyday situations such as access to information, entertainment, and purchases. In such interactions, the ISA mediates the user’s access to the content, or controls some other aspect of the user experience, and is not designed to be neutral about outcomes of user choices. Like human users, ISAs are driven by goals, make autonomous decisions, and can learn from experience. Using ideas from bounded rationality, we frame these interactions (...)
    Download  
     
    Export citation  
     
    Bookmark   39 citations  
  • Logic and Social Cognition: The Facts Matter, and So Do Computational Models.Rineke Verbrugge - 2009 - Journal of Philosophical Logic 38 (6):649-680.
    This article takes off from Johan van Benthem’s ruminations on the interface between logic and cognitive science in his position paper “Logic and reasoning: Do the facts matter?”. When trying to answer Van Benthem’s question whether logic can be fruitfully combined with psychological experiments, this article focuses on a specific domain of reasoning, namely higher-order social cognition, including attributions such as “Bob knows that Alice knows that he wrote a novel under pseudonym”. For intelligent interaction, it is important that the (...)
    Download  
     
    Export citation  
     
    Bookmark   14 citations  
  • (1 other version)Scientific Pluralism.Stephen H. Kellert, Helen E. Longino & C. Kenneth Waters (eds.) - 1956 - Univ of Minnesota Press.
    Scientific pluralism is an issue at the forefront of philosophy of science. This landmark work addresses the question, Can pluralism be advanced as a general, philosophical interpretation of science?
    Download  
     
    Export citation  
     
    Bookmark   62 citations  
  • No more charity, please! Enthymematic parsimony and the pitfall of benevolence.Fabio Paglieri - 2007 - In Christopher W. Tindale Hans V. Hansen (ed.), Dissensus and the Search for Common Ground. OSSA. pp. 1--26.
    Why are enthymemes so frequent? Are we dumb arguers, smart rhetoricians, or parsimonious reasoners? This paper investigates systematic use of enthymemes, criticizing the application of the principle of charity to their interpretation. In contrast, I propose to analyze enthymematic argumentation in terms of parsimony, i.e. as a manifestation of the rational tendency to economize over scant resources. Consequences of this view on the current debate on enthymemes and on their rational reconstruction are discussed.
    Download  
     
    Export citation  
     
    Bookmark   11 citations  
  • Utility and Language Generation: The Case of Vagueness.Kees van Deemter - 2009 - Journal of Philosophical Logic 38 (6):607 - 632.
    This paper asks why information should ever be expressed vaguely, re-assessing some previously proposed answers to this question and suggesting some new ones. Particular attention is paid to the benefits that vague expressions can have in situations where agreement over the meaning of an expression cannot be taken for granted. A distinction between two different versions of the above-mentioned question is advocated. The first asks why human languages contain vague expressions, the second question asks when and why a speaker should (...)
    Download  
     
    Export citation  
     
    Bookmark   8 citations  
  • A note on negativity bias and framing response asymmetry.Doron Sonsino - 2011 - Theory and Decision 71 (2):235-250.
    An unprocessed risk is a collection of simple lotteries with a reduction-rule that describes the actual-payoff to the decision-maker as a function of realized lottery outcomes. Experiments reveal that the willingness to pay for unprocessed risks is consistently biased toward the payoff-level in the unprocessed representation. The anchoring-to-frame bias in cases of positive framing is significantly weaker than in cases of negative framing suggesting that rational negativity bias may reflect in asymmetric violations of rationality.
    Download  
     
    Export citation  
     
    Bookmark  
  • Epistemic virtues, metavirtues, and computational complexity.Adam Morton - 2004 - Noûs 38 (3):481–502.
    I argue that considerations about computational complexity show that all finite agents need characteristics like those that have been called epistemic virtues. The necessity of these virtues follows in part from the nonexistence of shortcuts, or efficient ways of finding shortcuts, to cognitively expensive routines. It follows that agents must possess the capacities – metavirtues –of developing in advance the cognitive virtues they will need when time and memory are at a premium.
    Download  
     
    Export citation  
     
    Bookmark   11 citations  
  • Bounded rationality.Till Grüne-Yanoff - 2007 - Philosophy Compass 2 (3):534–563.
    The notion of bounded rationality has recently gained considerable popularity in the behavioural and social sciences. This article surveys the different usages of the term, in particular the way ‘anomalosus’ behavioural phenomena are elicited, how these phenomena are incorporated in model building, and what sort of new theories of behaviour have been developed to account for bounded rationality in choice and in deliberation. It also discusses the normative relevance of bounded rationality, in particular as a justifier of non‐standard reasoning and (...)
    Download  
     
    Export citation  
     
    Bookmark   13 citations  
  • On the computational complexity of ethics: moral tractability for minds and machines.Jakob Stenseke - 2024 - Artificial Intelligence Review 57 (105):90.
    Why should moral philosophers, moral psychologists, and machine ethicists care about computational complexity? Debates on whether artificial intelligence (AI) can or should be used to solve problems in ethical domains have mainly been driven by what AI can or cannot do in terms of human capacities. In this paper, we tackle the problem from the other end by exploring what kind of moral machines are possible based on what computational systems can or cannot do. To do so, we analyze normative (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Why philosophers should care about computational complexity.Scott Aaronson - 2013 - Computability: Turing, Gödel, Church, and Beyond:261--328.
    One might think that, once we know something is computable, how efficiently it can be computed is a practical question with little further philosophical importance. In this essay, I offer a detailed case that one would be wrong. In particular, I argue that computational complexity theory---the field that studies the resources needed to solve computational problems---leads to new perspectives on the nature of mathematical knowledge, the strong AI debate, computationalism, the problem of logical omniscience, Hume's problem of induction and Goodman's (...)
    Download  
     
    Export citation  
     
    Bookmark   37 citations  
  • El tejido de la racionalidad acotada y expresiva.Francisco Álvarez - 2002 - Manuscrito 25 (2).
    Download  
     
    Export citation  
     
    Bookmark  
  • (A, F ) choice with frames.Ariel Rubinstein - manuscript
    We develop a framework for modeling choice in the presence of framing effects. An extended choice function assigns a chosen element to every pair (A, f ) where A is a set of alternatives and f is a frame. A frame includes observable information that is irrelevant in the rational assessment of the alternatives, but nonetheless affects choice. We relate the new framework to the classical model of choice correspondence. Conditions are identified under which there exists either a transitive or (...)
    Download  
     
    Export citation  
     
    Bookmark   14 citations  
  • Cognition in context: Phenomenology, situated robotics and the frame problem.Michael Wheeler - 2008 - International Journal of Philosophical Studies 16 (3):323 – 349.
    The frame problem is the difficulty of explaining how non-magical systems think and act in ways that are adaptively sensitive to context-dependent relevance. Influenced centrally by Heideggerian phenomenology, Hubert Dreyfus has argued that the frame problem is, in part, a consequence of the assumption (made by mainstream cognitive science and artificial intelligence) that intelligent behaviour is representation-guided behaviour. Dreyfus' Heideggerian analysis suggests that the frame problem dissolves if we reject representationalism about intelligence and recognize that human agents realize the property (...)
    Download  
     
    Export citation  
     
    Bookmark   28 citations  
  • An explanatory coherence model of decision making in ill-structured problems.M. Laura Frigotto & Alessandro Rossi - 2015 - Mind and Society 14 (1):35-55.
    Classical models of decision making deal fairly well with uncertainty, where settings are well-structured in terms of goals, alternatives, and consequences. Conversely, the typical ill-structured nature of strategy choices remains a challenge for extant models. Such cases can hardly build on the past, and their novelty makes the prediction of consequences a very difficult and poorly robust task. The weakness of the classical expected utility model in representing such problems has not been adequately solved by recent extensions. In this paper (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • A Simple Model of Secure Public Communication.Hannu Vartiainen - 2009 - Theory and Decision 67 (1):101-122.
    Public communication is secure if a hostile third-party cannot decode the messages exchanged by the communicating parties. In Nash equilibrium, communication by computationally unbounded players cannot be secure. We assume complexity averse players, and show that a simple, secure, and costless communication protocol becomes available as the marginal complexity cost tends to zero.
    Download  
     
    Export citation  
     
    Bookmark   1 citation  
  • Can God Satisfice?Klass Kraay - 2013 - American Philosophical Quarterly 50 (4):399-410.
    Three very prominent arguments for atheism are (1) the argument from sub-optimality, (2) the problem of no best world, and (3) the evidential argument from gratuitous evil. To date, it has not sufficiently been appreciated that several important criticisms of these arguments have all relied on a shared strategy. Although the details vary, the core of this strategy is to concede that God either cannot or need not achieve the best outcome in the relevant choice situation, but to insist that (...)
    Download  
     
    Export citation  
     
    Bookmark   16 citations  
  • (1 other version)The Place of Probability in Science: In Honor of Ellery Eells (1953-2006).Ellery Eells & James H. Fetzer (eds.) - 2010 - Springer.
    To clarify and illuminate the place of probability in science Ellery Eells and James H. Fetzer have brought together some of the most distinguished philosophers ...
    Download  
     
    Export citation  
     
    Bookmark   2 citations  
  • Game theory and global environmental policy.Alfred Endres - 2004 - Poiesis and Praxis 3 (s 1-2):123-139.
    Economists interpret global environmental quality to be a pure public good. Each country should contribute to its provision. However, this is hard to achieve because each government is tempted to take a free ride on the other governments' efforts. Not only has this dilemma been analysed with game theoretical methods but game theory has also been used to think about how to make amends. This paper reviews the game theoretical discussion on how international policy frameworks may be designed to improve (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Epistemic Virtues, Metavirtues, and Computational Complexity.Professor Adam Morton - 2004 - Noûs 38 (3):481-502.
    I argue that considerations about computational complexity show that all finite agents need characteristics like those that have been called epistemic virtues. The necessity of these virtues follows in part from the nonexistence of shortcuts, or efficient ways of finding shortcuts, to cognitively expensive routines. It follows that agents must possess the capacities – metavirtues –of developing in advance the cognitive virtues they will need when time and memory are at a premium.
    Download  
     
    Export citation  
     
    Bookmark   6 citations  
  • IIA, rationality, and the individuation of options.Tina Rulli & Alex Worsnip - 2016 - Philosophical Studies 173 (1):205-221.
    The independence of irrelevant alternatives is a popular and important axiom of decision theory. It states, roughly, that one’s choice from a set of options should not be influenced by the addition or removal of further, unchosen options. In recent debates, a number of authors have given putative counterexamples to it, involving intuitively rational agents who violate IIA. Generally speaking, however, these counterexamples do not tend to move IIA’s proponents. Their strategy tends to be to individuate the options that the (...)
    Download  
     
    Export citation  
     
    Bookmark   8 citations  
  • Game theory and discourse anaphora.Robin Clark & Prashant Parikh - 2007 - Journal of Logic, Language and Information 16 (3):265-282.
    We develop an analysis of discourse anaphora—the relationship between a pronoun and an antecedent earlier in the discourse —using games of partial information. The analysis is extended to include information from a variety of different sources, including lexical semantics, contrastive stress, grammatical relations, and decision theoretic aspects of the context.
    Download  
     
    Export citation  
     
    Bookmark   4 citations  
  • The information inelasticity of habits: Kahneman’s bounded rationality or Simon’s procedural rationality?Elias L. Khalil - 2022 - Synthese 200 (4):1-40.
    Why would decision makers adopt heuristics, priors, or in short “habits” that prevent them from optimally using pertinent information—even when such information is freely-available? One answer, Herbert Simon’s “procedural rationality” regards the question invalid: DMs do not, and in fact cannot, process information in an optimal fashion. For Simon, habits are the primitives, where humans are ready to replace them only when they no longer sustain a pregiven “satisficing” goal. An alternative answer, Daniel Kahneman’s “mental economy” regards the question valid: (...)
    Download  
     
    Export citation  
     
    Bookmark   1 citation  
  • Embedded choices.Diego Lanzi - 2010 - Theory and Decision 68 (3):263-280.
    In this article, we present a contextually embedded choice theory. Using concepts and tools of poset mathematics, we show how to include in rational choice theory cultural and social effects. Specifically, we define some choice superstructures, seen as choice set transformations imposed by cultural and social norms. As we shall argue, these transformations can be of help to explain choice behavior within different contexts. Moreover, we show that, once choice superstructures are taken into account, some well-known results about maximizing and (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Framing Effects as Violations of Extensionality.Sacha Bourgeois-Gironde & Raphaël Giraud - 2009 - Theory and Decision 67 (4):385-404.
    Framing effects occur when different descriptions of the same decision problem give rise to divergent decisions. They can be seen as a violation of the decisiontheoretic version of the principle of extensionality (PE). The PE in logic means that two logically equivalent sentences can be substituted salva veritate. We explore what this notion of extensionality becomes in decision contexts. Violations of extensionality may have rational grounds. Based on some ideas proposed by the psychologist Craig McKenzie and colleagues, we contend that (...)
    Download  
     
    Export citation  
     
    Bookmark   5 citations  
  • Embodied Rationality Through Game Theoretic Glasses: An Empirical Point of Contact.Sébastien Lerique - 2022 - Frontiers in Psychology 13.
    The conceptual foundations, features, and scope of the notion of rationality are increasingly being affected by developments in embodied cognitive science. This article starts from the idea of embodied rationality, and aims to develop a frame in which a debate with the classical, possibly bounded, notion of rationality-as-consistency can take place. To this end, I develop a game theoretic description of a real time interaction setup in which participants' behaviors can be used to compare the enactive approach, which underlies embodied (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Enthymematic parsimony.Fabio Paglieri & John Woods - 2011 - Synthese 178 (3):461 - 501.
    Enthymemes are traditionally defined as arguments in which some elements are left unstated. It is an empirical fact that enthymemes are both enormously frequent and appropriately understood in everyday argumentation. Why is it so? We outline an answer that dispenses with the so called "principle of charity", which is the standard notion underlying most works on enthymemes. In contrast, we suggest that a different force drives enthymematic argumentation—namely, parsimony, i.e. the tendency to optimize resource consumption, in light of the agent's (...)
    Download  
     
    Export citation  
     
    Bookmark   22 citations  
  • Utility and framing.Paul Weirich - 2010 - Synthese 176 (1):83 - 103.
    Standard principles of rational decision assume that an option's utility is both comprehensive and accessible. These features constrain interpretations of an option's utility. This essay presents a way of understanding utility and laws of utility. It explains the relation between an option's utility and its outcome's utility and argues that an option's utility is relative to a specification of the option. Utility's relativity explains how a decision problem's framing affects an option's utility and its rationality even for an agent who (...)
    Download  
     
    Export citation  
     
    Bookmark   2 citations  
  • Superrational types.Fernando A. Tohmé & Ignacio D. Viglizzo - 2019 - Logic Journal of the IGPL 27 (6):847-864.
    We present a formal analysis of Douglas Hofstadter’s concept of superrationality. We start by defining superrationally justifiable actions, and study them in symmetric games. We then model the beliefs of the players, in a way that leads them to different choices than the usual assumption of rationality by restricting the range of conceivable choices. These beliefs are captured in the formal notion of type drawn from epistemic game theory. The theory of coalgebras is used to frame type spaces and to (...)
    Download  
     
    Export citation  
     
    Bookmark   1 citation  
  • Agent‐based computational models and generative social science.Joshua M. Epstein - 1999 - Complexity 4 (5):41-60.
    Download  
     
    Export citation  
     
    Bookmark   56 citations  
  • Quantum cognition and bounded rationality.Reinhard Blutner & Peter Beim Graben - 2016 - Synthese 193 (10).
    We consider several puzzles of bounded rationality. These include the Allais- and Ellsberg paradox, the disjunction effect, and related puzzles. We argue that the present account of quantum cognition—taking quantum probabilities rather than classical probabilities—can give a more systematic description of these puzzles than the alternate treatments in the traditional frameworks of bounded rationality. Unfortunately, the quantum probabilistic treatment does not always provide a deeper understanding and a true explanation of these puzzles. One reason is that quantum approaches introduce additional (...)
    Download  
     
    Export citation  
     
    Bookmark   5 citations  
  • Prediction and Novel Facts in the Methodology of Scientific Research Programs.Wenceslao J. Gonzalez - 2015 - In Philosophico-Methodological Analysis of Prediction and its Role in Economics. Cham: Imprint: Springer. pp. 103-124.
    In the methodology of scientific research programs (MSRP) there are important features on the problem of prediction, especially regarding novel facts. In his approach, Imre Lakatos proposed three different levels on prediction: aim, process, and assessment. Chapter 5 pays attention to the characterization of prediction in the methodology of research programs. Thus, it takes into account several features: (1) its pragmatic characterization, (2) the logical perspective as a proposition, (3) the epistemological component, (4) its role in the appraisal of research (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Why argue? Towards a cost–benefit analysis of argumentation.Cristiano Castelfranchi & Fabio Paglieri - 2010 - Argument and Computation 1 (1):71-91.
    This article proposes a cost-benefit analysis of argumentation, with the aim of highlighting the strategic considerations that govern the agent's decision to argue or not. In spite of its paramount importance, the topic of argumentative decision-making has not received substantial attention in argumentation theories so far. We offer an explanation for this lack of consideration and propose a tripartite taxonomy and detailed description of the strategic reasons considered by arguers in their decision-making: benefits, costs, and dangers. We insist that the (...)
    Download  
     
    Export citation  
     
    Bookmark   27 citations  
  • Darwinism, Memes, and Creativity: A Critique of Darwinian Analogical Reasoning from Nature to Culture.Maria Kronfeldner - 2007 - Dissertation, University of Regensburg
    The dissertation criticizes two analogical applications of Darwinism to the spheres of mind and culture: the Darwinian approach to creativity and memetics. These theories rely on three basic analogies: the ontological analogy states that the basic ontological units of culture are so-called memes, which are replicators like genes; the origination analogy states that novelty in human creativity emerges in a "blind" Darwinian manner; and the explanatory units of selection analogy states that memes are "egoistic" and that they can spread independently (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Dilemmas of an economic theorist.Ariel Rubinstein - manuscript
    What on earth are economic theorists like me trying to accomplish? This paper discusses four dilemmas encountered by an economic theorist: The dilemma of absurd conclusions: Should we abandon a model if it produces absurd conclusions or should we regard a model as a very limited set of assumptions that will inevitably fail in some contexts? The dilemma of responding to evidence: Should our models be judged according to experimental results? The dilemma of modelless regularities: Should models provide the hypothesis (...)
    Download  
     
    Export citation  
     
    Bookmark   14 citations  
  • Processes and consequences in business ethicaldilemmas: The oil industry and climate change. [REVIEW]Marc Le Menestrel & Henri-Claude de Bettignies - 2002 - Journal of Business Ethics 41 (3):251-266.
    We present a model of rational behavior by which we characterize business ethical dilemmas as trade-offs between processes and consequences. As an illustration, we formulate the oil industry's business ethical dilemma as a trade-off between a socially detrimental process (emitting greenhouse gases, hence inducing a risk of climate change) and a self-interested consequence (profits). The proposed framework allows us to specify two types of strategies, differing by whether priority is given to the consequences or to the processes. We analyze and (...)
    Download  
     
    Export citation  
     
    Bookmark   13 citations  
  • Bounded rationality: the two cultures.Konstantinos V. Katsikopoulos - 2014 - Journal of Economic Methodology 21 (4):361-374.
    Research on bounded rationality has two cultures, which I call ‘idealistic’ and ‘pragmatic’. Technically, the cultures differ on whether they build models based on normative axioms or empirical facts, assume that people's goal is to optimize or to satisfice, do not or do model psychological processes, let parameters vary freely or fix them, aim at explanation or prediction and test models from one or both cultures. Each culture tells a story about people's rationality. The story of the idealistic culture is (...)
    Download  
     
    Export citation  
     
    Bookmark   9 citations  
  • Ambiguity in Cooperative Signaling.Carlos Santana - 2014 - Philosophy of Science 81 (3):398-422.
    In game-theoretic signaling models, evolution tends to favor perfectly precise signaling systems, but in the natural world communication is almost always imprecise. I argue that standard explanations for this discrepancy are only partially sufficient, and I show that communication is often ambiguous because signal senders take advantage of context sensitivity. As evidence, I make two additions to the signaling model: a cost for more complex signaling strategies and the ability to combine information in signals with independent information. Analysis and simulation (...)
    Download  
     
    Export citation  
     
    Bookmark   14 citations  
  • Information leakage from logically equivalent frames.Shlomi Sher & Craig R. M. McKenzie - 2006 - Cognition 101 (3):467-494.
    Download  
     
    Export citation  
     
    Bookmark   53 citations  
  • Is Context-Based Choice due to Context-Dependent Preferences?Kobi Kriesler & Shmuel Nitzan - 2008 - Theory and Decision 64 (1):65-80.
    The rationalization of context-based choice is usually based on the assumption that preferences are context-dependent. In this paper, we show that context-based choice can be due to the characteristics of the choice procedure applied by the individual and not to the dependence of preferences (stochastic or deterministic) on the context. Our arguments are illustrated focusing on the much-studied dominated-alternative effects.
    Download  
     
    Export citation  
     
    Bookmark   1 citation  
  • A cognition paradigm clash: Simon, situated cognition and the interpretation of bounded rationality.Enrico Petracca - 2017 - Journal of Economic Methodology 24 (1):20-40.
    Simon’s notion of bounded rationality is deeply intertwined with his activity as a cognitive psychologist and founder of so-called cognitivism, a mainstream approach in cognitive psychology until the 1980s. Cognitivism, understood as ‘symbolic information processing,’ provided the first cognitive psychology foundation to bounded rationality. Has bounded rationality since then fully followed the development of cognitive psychology beyond symbolic information processing in the post-Simonian era? To answer this question, this paper focuses on Simon’s opposition during the 1990s to a new view (...)
    Download  
     
    Export citation  
     
    Bookmark   5 citations  
  • How Fair Is Actuarial Fairness?Xavier Landes - 2015 - Journal of Business Ethics 128 (3):519-533.
    Insurance is pervasive in many social settings. As a cooperative device based on risk pooling, it serves to attenuate the adverse consequences of various risks by offering policyholders coverage against the losses implied by adverse events in exchange for the payment of premiums. In the insurance industry, the concept of actuarial fairness serves to establish what could be adequate, fair premiums. Accordingly, premiums paid by policyholders should match as closely as possible their risk exposure. Such premiums are the product of (...)
    Download  
     
    Export citation  
     
    Bookmark   9 citations  
  • On Preference for Flexibility and Complexity Aversion: Experimental Evidence.Doron Sonsino & Marvin Mandelbaum - 2001 - Theory and Decision 51 (2/4):197-216.
    Desire for flexibility suggests that the value of a choice-menu should increase with the number of options included. Complexity-aversion on the other hand may imply that the value of a menu decreases with its cardinality. We present the results of an experiment where 5 groups of subjects were asked to evaluate saving plans that let the investor choose between alternative indexing-schemes before the saving period ends. The complexity of the different plans was manipulated in two ways: (1) increasing the number (...)
    Download  
     
    Export citation  
     
    Bookmark   3 citations  
  • Comments on neuroeconomics.Ariel Rubinstein - 2008 - Economics and Philosophy 24 (3):485-494.
    Neuroeconomics is examined critically using data on the response times of subjects who were asked to express their preferences in the context of the Allais Paradox. Different patterns of choice are found among the fast and slow responders. This suggests that we try to identify types of economic agents by the time they take to make their choices. Nevertheless, it is argued that it is far from clear if and how neuroeconomics will change economics.
    Download  
     
    Export citation  
     
    Bookmark   17 citations  
  • The Adam Smith Problem Revisited: A Methodological Resolution.Sigmund Wagner-Tsukamoto - 2013 - Journal des Economistes Et des Etudes Humaines 19 (1):63-99.
    The Adam Smith problem refers to a claimed inconsistency between the Theory of Moral Sentiments and the Wealth of Nations, regarding the portrayal of human nature in these two books. Previous research predominantly resolved the claimed inconsistency by uncovering virtuous, less selfish character traits in the Wealth of Nations. This article voices caution. I acknowledge – on methodological grounds – fundamental differences regarding the portrayal of human nature in Smith’s behavioral ethics, i.e. the Theory of Moral Sentiments, as compared with (...)
    Download  
     
    Export citation  
     
    Bookmark   1 citation  
  • Knowledge, behavior, and rationality: rationalizability in epistemic games.Todd Stambaugh & Rohit Parikh - 2021 - Archive for Mathematical Logic 60 (5):599-623.
    In strategic situations, agents base actions on knowledge and beliefs. This includes knowledge about others’ strategies and preferences over strategy profiles, but also about other external factors. Bernheim and Pearce in 1984 independently defined the game theoretic solution concept of rationalizability, which is built on the premise that rational agents will only take actions that are the best response to some situation that they consider possible. This accounts for other agents’ rationality as well, limiting the strategies to which a particular (...)
    Download  
     
    Export citation  
     
    Bookmark  
  • Giving or taking: the role of dispositional power motivation and positive affect in profit maximization. [REVIEW]Markus Quirin, Martin Beckenkamp & Julius Kuhl - 2009 - Mind and Society 8 (1):109-126.
    Socio-economic decisions are commonly explained by rational cost versus benefit considerations, whereas person variables have not much been considered. The present study aimed at investigating the degree to which dispositional power motivation and affective states predict socio-economic decisions. The power motive was assessed both indirectly and directly using a TAT-like picture test and a power motive self-report, respectively. After 9 months, 62 students completed an affect rating and performed on a money allocation task. We hypothesized and confirmed that dispositional power (...)
    Download  
     
    Export citation  
     
    Bookmark