The model proposed by Redish et al. considers vulnerabilities within decision systems based on expectancy-value assumptions. Further understanding of processes leading to addiction can be gained by considering other inputs to decision-making, particularly affective associations with behaviors. This consideration suggests additional decision-making vulnerabilities that might explain addictive behaviors.

Epistemology has recently witnessed a number of efforts to rehabilitate rationalism, to defend the existence and importance of a priori knowledge or warrant construed as the product of rational insight or apprehension (Bealer 1987; Bigelow 1992; BonJour 1992, 1998; Burge 1998; Butchvarov 1970; Katz 1998; Plantinga 1993). This effort has sometimes been coupled with an attack on naturalistic epistemology, especially in BonJour 1994 and Katz 1998. Such coupling is not surprising, because naturalistic epistemology is often associated with thoroughgoing empiricism and (...) the rejection of the a priori. In this paper, however, I shall present a conception of naturalistic epistemology that is entirely compatible with a priori justification or knowledge. The resulting conception, I claim, gives us a better appreciation of the respective merits of the rational and the empirical, as well as a better understanding of how moderate epistemological naturalism comports, at least in principle, with moderate rationalism. This paper defends moderate rationalism; but it does not defend everything rationalists have often wanted, only what it is reasonable to grant them. (shrink)

There has long been a history of studies investigating how people (“ordinary people”) perform on tasks that involve deductive reasoning. The upshot of these studies is that people characteristically perform some deductive tasks well but others badly. For instance, studies show that people will typically perform MP (“modus ponens”: from ‘If A then B’ and ‘A’, infer ‘B’) and bi-conditional MP (from: ‘A if and only if B’ and ‘A’, infer ‘B’) correctly when invited to make the inference and additionally (...) can discover of their own accord when such inferences are appropriate. On the other hand, the same studies show that people typically perform MT (“modus tollens”: from ‘If A then B’ and ‘not-B’, infer ‘not-A’) and biconditional MT badly. They not only do not recognize when it is appropriate to draw such inferences, but also they will balk at doing them even when they are told that they can make it. Related to these shortcomings seems to be the inability of people to understand that contrapositives are equivalent (that ‘If A then B’ is equivalent to ‘If not-B then not-A’). [Studies of people’s deductive inference-drawing abilities have a long history, involving many studies in the early 20th century concerning Aristotelian syllogisms. But the current spate of studies draws much of its impetus from Wason (Wason, 1968; see also Wason & Johnson-Laird, 1972). ] The general conclusion seems to be that there are specific areas where “ordinary people” do not perform very logically. This conclusion will not come as a surprise to teachers of elementary logic, who have long thought that the majority of “ordinary people” are inherently illogical and need deep and forceful schooling in order to overcome this flaw. (shrink)

Stephen Stich and Shaun Nichols advance the debate over folk psychology with their vivid depiction of the contest between the simulation theory and the theory-theory (Stich & Nichols, this issue). At least two aspects of their presentation I find highly congenial. First, they give a generally fair characterization of the simulation theory, in some respects even improving its formulation. Though I have a few minor quarrels with their formulation, it is mostly quite faithful to the version which I have found (...) attractive (Goldman, 1989).Second, I concur with Stich and Nichols in their assertion that the theory-theory and the simulation theory are the only two games in town. Where I disagree, of course, is in Stich and Nichols’s contention that their arguments so dim the prospects of the simulation theory that it should no longer be taken seriously. On the contrary, I shall maintain, the simulation theory remains a very plausible contender, and should receive careful and respectful consideration in the continuing investigation. (shrink)

In the previous discussions of irrationality in philosophy and psychology, the focus has been on irrationality at the level of individuals, such as irrational reasoning, irrational judgment, irrati...

Nicola Gennaioli and Andrei Shleifer’s A Crisis of Beliefs is a rich, elaborate and ambitious book. It relies on more than twenty years of the authors’ work on fields as different as financial econ...

In the last decade, there has been increased recognition of the importance of disclosing and managing non-financial conflicts of interests to safeguard the objectivity, integrity, and trustworthiness of scientific research. While funding agencies and academic institutions have had policies for addressing non-financial interests in grant peer review and research oversight since the 1990s, scientific journals have been only recently begun to develop such policies. An impediment to the formulation of effective journal policies is that non-financial interests can be difficult to (...) recognize and define. Journals can overcome this problem by providing guidance concerning the types of non-financial interests that should be disclosed, including direct research interests, direct professional interests, expert testimony, involvement in litigation, holding a leadership position in a non-governmental organization, providing technical or scientific advice to a non-governmental organization, and personal or professional relationships. The guidance should apply to authors, editors, and reviewers. (shrink)

Intertemporal choice requires one to decide between smaller sooner and larger later payoffs and is captured by discount rates. Across two preregistered experiments testing three language pairs (Polish vs. English, Spanish, and German; Experiment 1) and with incentivized participants (Experiment 2), we found no evidence that using a foreign language decreased the strength or increased the consistency of intertemporal choices. On the contrary, there was some evidence of stronger discounting when a foreign language was used. We confirmed prior findings that (...) more reflective individuals discount less strongly but observed that they were just as (un)affected by using foreign language as less reflective individuals. Thus, we provide preliminary evidence that the foreign language effect is robust to individual differences in cognitive reflection. (shrink)

The objective of this study was to jointly analyze the importance of cognitive and financial factors in the accuracy of profit forecasting by analysts. Data from publicly traded Brazilian companies in 2019 were obtained. We used text analysis to assess the cognitive biases from the qualitative reports of analysts. Further, we analyzed the data using statistical regression learning methods and statistical classification learning methods, such as Multiple Linear Regression, k-dependence Bayesian, and Random Forest. The Bayesian inference and classification methods allow (...) an expansion of the research line, especially in the area of machine learning, which can benefit from the examples of factors addressed in this research. The results indicated that, among cognitive biases, optimism had a negative relationship with forecasting accuracy while anchoring bias had a positive relationship. Commonality, to a lesser extent, also had a positive relationship with the analyst’s accuracy. Among financial factors, the most important aspects in the accuracy of analysts were volatility, indebtedness, and profitability. Age of the company, fair value, American Depositary Receipts, performance, and loss were still important but on a smaller scale. The results of the RF models showed a greater explanatory power. This research sheds light on the cognitive as well as financial aspects that influence the analyst’s accuracy, jointly using text analysis and machine learning methods, capable of improving the explanatory power of predictive models, together with the use of training models followed by testing. (shrink)

Ethical decision-making is inherent to the research ethics committee deliberation process. While ethical codes, regulations, and research standards are indispensable in guiding this process,...

Most discussions frame the Liar Paradox as a formal logical-linguistic puzzle. Attempts to resolve the paradox have focused very little so far on aspects of cognitive psychology and processing, because semantic and cognitive-psychological issues are generally assumed to be disjunct. I provide a motivation and carry out a cognitive-computational treatment of the liar paradox based on a model of language and conceptual knowledge within the Predictive Processing framework. I suggest that the paradox arises as a failure of synchronization between two (...) ways of generating the liar situation in two different PP sub-models, one corresponding to language processing and the other to the processing of meaning and world-knowledge. In this way, I put forward the claim that the liar sentence is meaningless but has an air of meaningfulness. I address the possible objection that the proposal violates the Principle of Unrestricted Compositionality, which purportedly regulates the conceptual competence of thinkers. (shrink)

This article traces conceptualizations of technology from narrow definitions to a broader understanding that encompasses the larger social and environmental context within which technology operates. In doing so, the associated social and environmental drivers and impacts of technology are identified and conclusions are drawn for the roles of technology and technology change in achieving sustainability.

Most discussions frame the Liar Paradox as a formal logical-linguistic puzzle. Attempts to resolve the paradox have focused very little so far on aspects of cognitive psychology and processing, because semantic and cognitive-psychological issues are generally assumed to be disjunct. I provide a motivation and carry out a cognitive-computational treatment of the liar paradox based on a cognitive-computational model of language and conceptual knowledge within the Predictive Processing framework. I suggest that the paradox arises as a failure of synchronization between (...) two ways of generating the liar situation in two different PP sub-models, one corresponding to language processing and the other to the processing of meaning and world-knowledge. In this way, I put forward the claim that the liar sentence is meaningless but has an air of meaningfulness. I address the possible objection that the proposal violates the Principle of Unrestricted Compositionality, which purportedly regulates the conceptual competence of thinkers. (shrink)

This paper examines the Court of Protection decision in Briggs v Briggs. It considers whether the approach of the Court, which gave effective decisive weight to a patient’s previously expressed wis...

How do we make causal judgments? Many studies have demonstrated that people are capable causal reasoners, achieving success on tasks from reasoning to categorization to interventions. However, less is known about the mental processes used to achieve such sophisticated judgments. We propose a new process model—the mutation sampler—that models causal judgments as based on a sample of possible states of the causal system generated using the Metropolis–Hastings sampling algorithm. Across a diverse array of tasks and conditions encompassing over 1,700 participants, (...) we found that our model provided a consistently closer fit to participant judgments than standard causal graphical models. In particular, we found that the biases introduced by mutation sampling accounted for people's consistent, predictable errors that the normative model by definition could not. Moreover, using a novel experimental methodology, we found that those biases appeared in the samples that participants explicitly judged to be representative of a causal system. We conclude by advocating sampling methods as plausible process‐level accounts of the computations specified by the causal graphical model framework and highlight opportunities for future research to identify not just what reasoners compute when drawing causal inferences, but also how they compute it. (shrink)

A number of important decision domains, including decisions about hiring, global warming, and weather hazards, are characterized by a global–local incompatibility. These domains involve variables that cannot be observed by a single decision maker (DM) and require the integration of observations from locally available information cues. This paper presents a new bifocal lens model that describes how the structure of the environment can lead to a unique form of overconfidence when generalizing the reliability of the local environment to a global (...) scale. When the local environment does not reliably reflect the global environment, they are incompatible. While local perspectives vary across DMs, global–local incompatibility can be understood using the structure of classical test theory as the difference between (a) perceived estimates of the reliability derived from the local environment and (b) the true reliability of the local environment. I model global–local incompatibility as the difference between the true and estimated reliability when the assumptions of classical test theory are violated. Using a series of case studies and an empirical study, I demonstrate the widespread utility of this framework, and I conclude by discussing implications for cognitive–ecological theory, risk communication, and overconfidence. (shrink)

The scope of a heuristic decision making rule is a product of its fit to the context, the extension to which a heuristic can be applied successfully. To achieve effective outcomes, decision makers may use a few heuristics with large scopes or many with narrow scopes. Through a directed review of the literature combined with ethnographic research, this paper contributes to the debate on the problem of scope in three types of heuristics, namely, multipliers, thresholds, and calends. The scope of (...) heuristic rules can be explored from different aspects, including the field in which a heuristic rule is applied and specific parameters that are used in a heuristic decision making process. The three types of heuristic rules we analyze were encountered in our ethnographic research, that was based on phenomenological interviews and observations. For these heuristics we discuss their scopes in through to the following organizing structures: the exploration of the adaptive tool-box, the role of ethnographic methodologies, and the categorization of heuristics. (shrink)

Popper’s ‘Situational Analysis’ (SA) constitutes his methodological proposal for the social sciences. We claim that the two hallmarks of SA are: (i) that scientists assume they possess a ‘wider’ view of the problem-situation than actors do, and (ii) use the model as an ideal ‘benchmark’ scenario to identify thedeviationof actors’ actual behaviour from the former. We argue that SA is not a generalization of the neoclassical theory of individual behaviour but captures instead the methodology adopted by modern behavioural economists. Last, (...) we argue that SA highlights a way of acquiring knowledge that has gone unnoticed in the literature. (shrink)

Despite their popularity, dual process accounts of human reasoning and decision-making have come under intense scrutiny in recent years. Cognitive scientists and philosophers alike have come to question the theoretical foundations of the ‘standard view’ of dual process theory and have challenged the validity and relevance of evidence in support of it. Moreover, attempts to modify and refine dual process theory in light of these challenges have generated additional concerns about its applicability and refutability as a scientific theory. With these (...) concerns in mind, this paper provides a critical review of dual process theory in economics, focusing on its role as a psychological framework for decision modeling in behavioral economics and neuroeconomics. I argue that the influx of criticisms against dual process theory challenge the descriptive accuracy of dualistic decision models in economics. In fact, the case can be made that the popularity of dual process theory in economics has less to do with the empirical success of dualistic decision models, and more to do with the convenience that the dual process narrative provides economists looking to explain-away decision anomalies. This leaves behavioral economists and neuroeconomists with something of a dilemma: either they stick to their purported ambitions to give a realistic description of human decision-making and give up the narrative, or they revise and restate their scientific ambitions. (shrink)

Canonical economic agents act so as to maximize a single, representative, utility function. However, there is accumulating evidence that heterogeneity in thought processes may be an important determinant of individual behavior. This paper investigates the implications of a vector-valued generalization of the Expected Utility paradigm, which permits agents either to deliberate as per Homo economics, or to act impulsively. This generalized decision theory is applied to explain the crowding-out effect, irrational educational investment decisions, persistent social inequalities, the pervasive influence of (...) non-cognitive ability on socio-economic outcomes, and the dynamic relationships between non-cognitive ability, cognitive ability, and behavioral biases. These results suggest that the generalized decision theory warrants further investigation. (shrink)

This study was designed to explore the concept of witnessed resuscitation. This was achieved through a serial approach to conceptually based research that systematically and incrementally developed understanding of the meaning of witnessed resuscitation in the context of emergency resuscitative care for adult victims of cardiorespiratory arrest. Theoretical investigation provided a strong conceptual foundation of existing knowledge and gave direction for further inquiry. Existential investigation comprised a hermeneuticphenomenological study to explore the phenomenon of lay presence during an adult cardiopulmonary resuscitation (...) attempt. Lived-experience material was subjected to thematic analysis and was revealing of five concepts that represented the essential nature of the lived experience. The concept of exposure emerged as the essence of this phenomenon. Research findings derived during theoretical and existential investigation were compared by adapting a method of template comparison. This process culminated in a synthesised conceptualisation of the meaning of witnessed resuscitation of a higher level of abstraction. Ongoing research is needed to determine whether this ‘state of the art’ conceptualisation of witnessed resuscitation holds its boundaries when applied to alternative phenomena, contexts and disciplines. Priority should be given to exploring the application of this concept in the context of patient and family-centred end-of-life care. (shrink)

The current study examined the effects of an intervention aimed at blocking the transfer of frustration from a previous experience (i.e. recall task) to a subsequent and unrelated task (i.e. ultimatum bargaining task). Participants who went through the intervention were more likely to accept unfair offers in the ultimatum bargaining task than those who did not go through the intervention. These results show that participants who were blocked from transferring their feelings of frustration from the recall task to the subsequent (...) bargaining task (no-transfer condition) more likely accepted unfair offers than those who inadvertently transferred their feelings of frustration (transfer condition). The effect of conditions on accept-reject decisions in the ultimatum bargaining was mediated by reported feelings of frustration. (shrink)

Cognition can influence action. Your belief that it is raining outside, for example, may cause you to reach for the umbrella. Perception can also influence cognition. Seeing that no raindrops are falling, for example, may cause you to think that you don’t need to reach for an umbrella. The question that has fascinated philosophers and cognitive scientists for the past few decades, however, is whether cognition can influence perception. Can, for example, your desire for a rainy day cause you to (...) see, hear, or feel raindrops when you walk outside? More generally, can our cognitive states influence the way we see the external world? In this paper, I discuss three experiments on memory colour effects. In these experiments, subjects systematically made different colour matches or adjustments for object-patches representing objects that have prototypical colours and neutral object-patches. I argue that these differences are not merely differences in judgments but are best explained in terms of phenomenology. However, I show that these differences in phenomenology can be explained without reference to cognitive states such as colour concepts or beliefs. (shrink)

This comparison between Boudon and Mises focuses on the main tenets of their respective conceptions of social science. It covers action theory, the theory of belief, the epistemology of social science, and also addresses the topic of liberalism.

The history of fallacy theory is long, distinguished and, admittedly, checkered. I offer a bird eye view on it, with the aim of contrasting the standard conception of fallacies as attractive and universal errors that are hard to eradicate with the contemporary preoccupation with “non-fallacious fallacies”, that is, arguments that fit the bill of one of the traditional fallacies but are actually respectable enough to be used in appropriate contexts. Godden and Zenker have recently argued that reinterpreting alleged fallacies as (...) non-fallacious arguments requires supplementing the textual material with something else, e.g. probability distributions, pragmatic considerations, dialogical context. Thus fallacies remain gappy on all accounts, and this is the hallmark of their failure. However, I argue that such gappiness is typically unproblematic, and thus no more flawed than enthymematic argumentation in general. This, in turn, calls into question the usefulness of the very notion of fallacy. (shrink)

A step towards a theory of consciousness would be to characterise the effect of consciousness on information processing. One set of results suggests that the effect of consciousness is to interfere with computations that are optimally performed non-consciously. Another set of results suggests that conscious, system 2 processing is the home of norm-compliant computation. This is contrasted with system 1 processing, thought to be typically unconscious, which operates with useful but error-prone heuristics. -/- These results can be reconciled by separating (...) out two different distinctions: between conscious and non-conscious representations, on the one hand, and between automatic and deliberate processes, on the other. This pair of distinctions is used to illuminate some existing experimental results and to resolve the puzzle about whether consciousness helps or hinders accurate information processing. This way of resolving the puzzle shows the importance of another category, which we label ‘type 0 cognition’, characterised by automatic computational processes operating on non-conscious representations. (shrink)

ArgumentIt seems theoretically convenient to construe knowledge practices in financial markets and organizations as “applied economics.” Alternatively or additionally, one might argue that practitioners draw on economic knowledge in order to systematically orient their actions towards profit-maximization; models, then, are understood as devices that make calculative rationality possible. However, empirical studies do not entirely confirm these theoretical positions: Practitioners’ actual calculations are often not “framed” by models; organizations and institutions influence the choice and adoption of models; and different professional groups (...) in financial markets have diverging attitudes towards model calculations. In order to account for this diversity, this article proposes the concept ofcultures of economic and financial expertise; the concept focuses on the patterns of knowledge practices and knowledge-related self-definitions of groups within financial organizations and markets; it also facilitates an analysis of the relations between and, more specifically, the hierarchies among different practices and identities. The article then goes on to explore the process of foreign exchange forecasting in a particular bank. The description immediately reveals that two groups are involved in this process: economists and analysts. These groups maintain quite different practices and self-descriptions in relation to models: While the economists in the bank use the models as organizational resources for consistent forecasting procedures and observe data with the help of simple model structures, analysts approach model forecasts from the perspective of critics: They see limits in the variable-centered, as opposed to a “thematic” approach and they disregard a model's imposed temporality. Nevertheless, analysts use model forecasts as anchors for developing their own “paths” and stories about possible future expectation changes in the markets. The specific division of labor between economists and analysts, and specifically the dominant role of analysts in the forecasting process, fit into a larger picture: The rise of institutional investors in the foreign exchange markets and their demand for genuine market knowledge for speculative investment projects has contributed to the rise and dominance of analysts’ culture. (shrink)

“Hard obscurantism” is a species of the genus scholarly obscurantism. A rough intensional definition of hard obscurantism is that models and procedures become ends in themselves, dissociated from their explanatory functions. In the present article, I exemplify and criticize hard obscurantism by examining the writings of eminent economists and political scientists.

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 (...) programs, and (5) its place as a value for scientific research. -/- The notion of “novel facts” is highly relevant in his conception, where several aspects are involved: the directions of novel facts, the different kinds of novelty, and the transition from six possible options of “novel facts” to four choices. Thereafter, the prediction of novel facts as the criterion of appraisal is considered. On the one hand, this requires analyzing the theoretical, empirical, and heuristic possibilities of appraisal; and, on the other, whether there is an overemphasis on the role of prediction in methodology of scientific research programs. As a consequence, there is an analysis of Lakatos’ criterion of appraisal in MSRP and economics. (shrink)