The goal of forming a science of intentional behavior requires a more richly detailed account of symbolic systems than is assumed by the authors. Cultural systems are not simply the equivalent in the ideational domain of culture of the purported Baldwin Effect in the genetic domain. © 2014 Cambridge University Press.

How can anyone be rational in a world where knowledge is limited, time is pressing, and deep thought is often an unattainable luxury? Traditional models of unbounded rationality and optimization in cognitive science, economics, and animal behavior have tended to view decision-makers as possessing supernatural powers of reason, limitless knowledge, and endless time. But understanding decisions in the real world requires a more psychologically plausible notion of bounded rationality. In Simple heuristics that make us smart (Gigerenzer et al. 1999), we (...) explore fast and frugal heuristics – simple rules in the mind's adaptive toolbox for making decisions with realistic mental resources. These heuristics can enable both living organisms and artificial systems to make smart choices quickly and with a minimum of information by exploiting the way that information is structured in particular environments. In this précis, we show how simple building blocks that control information search, stop search, and make decisions can be put together to form classes of heuristics, including: ignorance-based and one-reason decision making for choice, elimination models for categorization, and satisficing heuristics for sequential search. These simple heuristics perform comparably to more complex algorithms, particularly when generalizing to new data – that is, simplicity leads to robustness. We present evidence regarding when people use simple heuristics and describe the challenges to be addressed by this research program. Key Words: adaptive toolbox; bounded rationality; decision making; elimination models; environment structure; heuristics; ignorance-based reasoning; limited information search; robustness; satisficing; simplicity. (shrink)

Intentional change when viewed as making a risky or intertemporal choice with evolutionary relevance helps us understand its successes and its failures. To promote future-oriented ecological rationality requires establishing a linkage between nongenetic, cultural, and symbolic selections and genetic adaptations. Coupled with biophilic instinct, intentional conservation is more likely to prevail against evolved desires of environmental exploitation.

We explored the relationship between qualities of victims in hypothetical scenarios and the appearance of framing effects. In past studies, participants’ feelings about the victims have been demonstrated to affect whether framing effects appear, but this relationship has not been directly examined. In the present study, we examined the relationship between caring about the people at risk, the perceived interdependence of the people at risk, and frame. Scenarios were presented that differed in the degree to which participants could be expected (...) to care about the group and the extent to which the group could be construed as interdependent. A framing effect was found only for the scenario describing the victims as the participants’ friends who did not know each other (high caring/low interdependence), and this went in the opposite direction from typical framing effects. Finally, perceived interdependence and caring affected choice both within and across scenarios, with more risky choices made by participants with high interdependence ratings and high caring ratings. (shrink)

Irrational debt decisions at the individual level may harm collective welfare. For this reason, regulators are committed to encourage information-based behaviours in order to enhance likelihood of appropriate indebtedness. We analyse, with a diff-in-diff estimator, the Italian case offered by the Legislative Decree that reformed the consumer credit market adopting European Directive 2008/48/ec, and that reinforced the mandatory information acquisition, jointly asked to lenders and borrowers, before granting/receiving consumer credit. By using micro-data on 60.000 consumer credit borrowers, in total, randomly (...) sampled from the most relevant Italian Credit Bureau, our findings support that, in the medium term, the new consumer credit regulation has improved borrowers’ repayment ability, enhancing the quality of credit distribution. Nevertheless, a simplistic ‘better information-better behaviour’ relationship cannot be assured. This success is likely due to conjunct adaptation of behaviours, with shared responsibilities experienced on both the demand and offer side of the consumer credit marketplace. (shrink)

Socially oriented preferences in decision making and their relation with work and home environment The aim of this paper was to create a psychometric instrument for the measurement of socially oriented preferences in economic decisions made in professional and private life as well as at scrutinizing the effects of various environmental variables on these preferences. For this purpose, two surveys were carried out on a group of adult working Poles. The idea of the new questionnaire and the results of factor (...) analysis are described herein, along with the other examinations confirming the accuracy of the new instrument. A significant correspondence between eight situational factors: five in professional life and three in private life, and the intensity of socially oriented preferences in economic decisions was confirmed. Both surveys showed that these preferences undergo significant alterations along with each slightest change in situational factors, even ones not directly connected with the decision at hand. Moreover, the studies indicate that the intensity of socially oriented preferences vary with respect to gender and age. Practitioner Points: Team goal setting strategy, work style, responsibility and non-financial rewards intense socially oriented preferences. Financial rewards are irrelevant for socially oriented preferences. (shrink)