Heuristics are efficient cognitive processes that ignore information. In contrast to the widely held view that less processing reduces accuracy, the study of heuristics shows that less information, computation, and time can in fact improve accuracy. We review the major progress made so far: the discovery of less-is-more effects; the study of the ecological rationality of heuristics, which examines in which environments a given strategy succeeds or fails, and why; an advancement from vague labels to computational models of heuristics; the (...) development of a systematic theory of heuristics that identifies their building blocks and the evolved capacities they exploit, and views the cognitive system as relying on an “adaptive toolbox;” and the development of an empirical methodology that accounts for individual differences, conducts competitive tests, and has provided evidence for people’s adaptive use of heuristics. Homo heuristicus has a biased mind and ignores part of the available information, yet a biased mind can handle uncertainty more efficiently and robustly than an unbiased mind relying on more resource-intensive and general-purpose processing strategies. (shrink)

The move to satisficing has been thought to help consequentialists avoid the problem of demandingness. But this is a mistake. In this article I formulate several versions of satisficing consequentialism. I show that every version is unacceptable, because every version permits agents to bring about a submaximal outcome in order to prevent a better outcome from obtaining. Some satisficers try to avoid this problem by incorporating a notion of personal sacrifice into the view. I show that these attempts are unsuccessful. (...) I conclude that, if satisficing consequentialism is to remain a position worth considering, satisficers must show (i) that the move to satisficing is necessary to solve some problem, whether it be the demandingness problem or some other problem, and (ii) that there is a version of the view that does not permit the gratuitous prevention of goodness. (shrink)

The relations between rationality and optimization have been widely discussed in the wake of Herbert Simon's work, with the common conclusion that the rationality concept does not imply the optimization principle. The paper is partly concerned with adding evidence for this view, but its main, more challenging objective is to question the converse implication from optimization to rationality, which is accepted even by bounded rationality theorists. We discuss three topics in succession: (1) rationally defensible cyclical choices, (2) the revealed preference (...) theory of optimization, and (3) the infinite regress of optimization. We conclude that (1) and (2) provide evidence only for the weak thesis that rationality does not imply optimization. But (3) is seen to deliver a significant argument for the strong thesis that optimization does not imply rationality. (shrink)

It is common, though perhaps not correct, to think that practical rationality is strictly instrumental.1 The functions of instrumental reason include finding suitable means to our determinate ends, helping to determine our indeterminate ends, and implementing our principles in appropriate actions. One reason that might be given for adopting instrumentalism with respect to rationality might be that our best scientific evidence offers little support for the idea that our brains have powers to detect good and bad as such in persons, (...) actions, or lives. But whatever one’s reasons for taking up instrumentalism, it remains to specify the relationship means are to have with ends. A natural demand is that instrumentally rational actions implement the best means to one’s given ends. Optimizing conceptions of rationality endorse this demand. A competing conception of rationality—the satisficing conception—weakens this requirement and permits some rational actions to implement (merely) satisfactory means to the agent’s given ends. The present article argues that instrumentalist theories of rationality as commonly understood cannot consistently accommodate this satisficing conception of rationality. (shrink)

The zetetic turn in epistemology raises three questions about epistemic and zetetic norms. First, there is the relationship question: what is the relationship between epistemic and zetetic norms? Are some epistemic norms zetetic norms, or are epistemic and zetetic norms distinct? Second, there is the tension question: are traditional epistemic norms in tension with plausible zetetic norms? Third, there is the reaction question: how should theorists react to a tension between epistemic and zetetic norms? Drawing on an analogy to practical (...) philosophy, I develop a focal point view to resolve these motivating questions. On the focal point view, traditional epistemic norms and zetetic norms answer different types of normative questions. There is nevertheless a familiar type of evaluative tension between traditional epistemic norms and zetetic norms, but this tension is an unavoidable feature of the normative landscape and not a sign that traditional epistemic norms need revision. But if traditional epistemic norms are not zetetic norms, then in what sense is zetetic epistemology a project for epistemologists? I conclude by articulating a sense in which some nontraditional epistemic norms are zetetic norms, and in which zetetic epistemology is an important part of the study of theoretical rationality. (shrink)

Call the norms of inquiry zetetic norms. How are zetetic norms related to epistemic norms? At first glance, they seem quite closely connected. Aren't epistemic norms norms that bind inquirers qua inquirers? And isn't epistemology the place to look for a normative theory of inquiry? While much of this thought seems right, this paper argues that the relationship between the epistemic and the zetetic is not as harmonious as one might have thought and liked. In particular, this paper argues that (...) some familiar contemporary epistemic norms are in tension with, and even in conflict with, central zetetic norms. (shrink)

Dual Process Theories of reasoning posit that judgments are mediated by both fast, automatic processes and more deliberate, analytic ones. A critical, but unanswered question concerns the issue of monitoring and control: When do reasoners rely on the first, intuitive output and when do they engage more effortful thinking? We hypothesised that initial, intuitive answers are accompanied by a metacognitive experience, called the Feeling of Rightness, which can signal when additional analysis is needed. In separate experiments, reasoners completed one of (...) four tasks: conditional reasoning, a three-term variant of conditional reasoning, problems used to measure base rate neglect, or a syllogistic reasoning task. For each task, participants were instructed to provide an initial, intuitive response to the problem along with an assessment of the rightness of that answer. They were then allowed as much time as needed to reconsider their initial answer and provide a final answer. In each experiment, we observed a robust relationship between the FOR and two measures of analytic thinking: low FOR was associated with longer rethinking times and an increased probability of answer change. In turn, FOR judgments were consistently predicted by the fluency with which the initial answer was produced, providing a link to the wider literature on metamemory. These data support a model in which a metacognitive judgment about a first, initial model determines the extent of analytic engagement. (shrink)

This article described three heuristics that are employed in making judgements under uncertainty: representativeness, which is usually employed when people are asked to judge the probability that an object or event A belongs to class or process B; availability of instances or scenarios, which is often employed when people are asked to assess the frequency of a class or the plausibility of a particular development; and adjustment from an anchor, which is usually employed in numerical prediction when a relevant value (...) is available. These heuristics are highly economical and usually effective, but they lead to systematic and predictable errors. A better understanding of these heuristics and of the biases to which they lead could improve judgements and decisions in situations of uncertainty. (shrink)

According to luck egalitarianism, inequalities are justified if and only if they arise from choices for which it is reasonable to hold agents responsible. This position has been criticised for its purported harshness in responding to the plight of individuals who, through their own choices, end up destitute. This paper aims to assess the Harshness Objection. I put forward a version of the objection that has been qualified to take into account some of the more subtle elements of the luck (...) egalitarian approach. Revising the objection in this way suggests that the Harshness Objection has been overstated by its proponents: because luck egalitarians are sensitive to the influence of unequal brute luck on individuals’ choices, it is unlikely that there will be any real world cases in which the luck egalitarian would not have to provide at least partial compensation. However, the Harshness Objection still poses problems for the luck egalitarian. First, it is not clear that partial compensation will be sufficient to avoid catastrophic outcomes. Second, the Harshness Objection raises a theoretical problem in that a consistent luck egalitarian will have to regard it as unjust if any assistance is provided to the victim of pure option luck, even if such assistance could be provided at no cost. I consider three strategies the luck egalitarian could pursue to accommodate these concerns and conclude that none of these strategies can be maintained without either violating basic luck egalitarian principles or infringing upon individual liberty. (shrink)

This paper focuses on tacit versus explicit uses of plural performance metrics as a primary methodological characteristic. This characteristic usefully distinguishes two schools of normative analysis and their approaches to normative interpretations of bounded rationality. Both schools of thought make normative claims about bounded rationality by comparing the performance of decision procedures using more than one performance metric. The consistency school makes tacit reference to performance metrics outside its primary axiomatic framework, but lexicographically promotes internal axiomatic consistency as the primary, (...) and in most cases sufficient, normative outcome with which to undertake welfare comparisons. The consistency school's axiomatization program, in both neoclassical and behavioral forms, pre-commits to welfare interpretations that follow a hierarchy of rationalities based on the stringency of restrictions that different axiomatizations impose on choice data. In contrast, the ecological rational.. (shrink)

One hundred and three participants solved conflict and non-conflict versions of four reasoning tasks using a two-response procedure: a base rate task, a causal reasoning task, a denominator neglect task, and a categorical syllogisms task. Participants were asked to give their first, intuitive answer, to make a Feeling of Rightness judgment, and then were given as much time as needed to rethink their answer. They also completed a standardized measure of IQ and the actively open-minded thinking questionnaire. The FORs of (...) both high- and low-capacity reasoners were responsive to conflict, such that FORs were lower for conflict relative to non-conflict problems. Consistent with the quantity hypothesis, high-capacity reasoners made a greater distinction between conflict and non-conflict items on measures of Type 2 thinking, namely, rethinking time and probability of changing answers. In contrast to the quality hypothesis, however, this rethinking time did not advantage the ability of the high-capacity group to produce normative answers, except for the base rate task. Indeed, we observed that the correlation between capacity and the probability of normative answers emerged at the initial response, rather than after rethinking. (shrink)

Role of the entrepreneur in a distinct role of profit.

The so-called optimising conception of rationality includes (amongst other things) the following two claims: (i) that it is irrational to choose an option if you know there is a better one, and (ii) there are no situations in which an agent, through no practical fault of her own, cannot avoid acting irrationally. As part of his ongoing attempt to explain why we need to go beyond the optimising conception, Michael Slote discusses a number of examples in which it seems that (...) (i) and (ii) are inconsistent. According to Slote, these situations seem to involve the existence of rational supererogation (a denial of (i)), or rational dilemmas (a denial of (ii)). The purpose of this paper is to examine Slote''s arguments for these claims, and to propose an alternative solution to the problem he presents. (shrink)

Traditional Consequentialism is based on a demanding principle of impartial maximization. Michael Slote's 'Satisficing Consequentialism' aims to reduce the demands of Consequentialism, by no longer requiring us to bring about the best possible outcome. This paper presents a new objection to Satisficing Consequentialism. We begin with a simple thought experiment, in which an agent must choose whether to save the lives of ten innocent people by using a sand bag or by killing an innocent person. The main aim of the (...) paper is to demonstrate that, if it is to avoid making unreasonable demands, Satisficing Consequentialism must allow such an agent to kill. It is argued that this result is much more counter-intuitive than the fact that Maximizing Consequentialism permits agents to kill in order to produce the best consequences. The conclusion is that Satisficing Consequentialism is not an acceptable moral theory. (shrink)

Recent research shows that in reasoning tasks, subjects usually produce an initial intuitive answer, accompanied by a metacognitive experience, which has been called feeling of rightness. This paper is aimed at exploring the complimentary experience of feeling of error, that is, the spontaneous, subtle sensation of cognitive uneasiness arising from conflict detection during thinking. We investigate FOE in two studies with the “bat-and-ball” reasoning task, in its standard and isomorphic control versions. Study 1 is a generation study, in which participants (...) are asked to generate their own response. Study 2 is an evaluation study, in which participants are asked to choose between two conflicting answers. In each study, the FOE is measured by the FOE questionnaire. Results show that the FOE is significantly present in the standard B&B task when participants give a wrong answer, that our questionnaire can measure it, and furthermore, that it is diagnostic of genuine error. (shrink)

Some theorists, ranging from W. James to contemporary psychologists, have argued that forgetting is the key to proper functioning of memory. The authors elaborate on the notion of beneficial forgetting by proposing that loss of information aids inference heuristics that exploit mnemonic information. To this end, the authors bring together 2 research programs that take an ecological approach to studying cognition. Specifically, they implement fast and frugal heuristics within the ACT-R cognitive architecture. Simulations of the recognition heuristic, which relies on (...) systematic failures of recognition to infer which of 2 objects scores higher on a criterion value, demonstrate that forgetting can boost accuracy by increasing the chances that only 1 object is recognized. Simulations of the fluency heuristic, which arrives at the same inference on the basis of the speed with which objects are recognized, indicate that forgetting aids the discrimination between the objects' recognition speeds. (shrink)

This paper offers a new account of how structural rationality, or coherence, is normative. The central challenge to the normativity of coherence – which I term the problem of “making space” for the normativity of coherence – is this: if considerations of coherence matter normatively, it is not clear how we ought to take account of them in our deliberation. Coherence considerations don’t seem to show up in reasoning about what to believe, intend, desire, hope, fear, and so on; moreover, (...) they seem awkward to take account of alongside more “substantive” considerations about the merits of such attitudes. I aim here to solve this problem, and in so doing to offer the aforementioned new account of how coherence is normative. On the view I defend, which I call the Reasons-to-Structure-Deliberation model, considerations of coherence constitute reasons for structuring deliberation in certain ways: more particularly, to treat incoherent combinations of attitudes as off-limits, and so to focus one’s deliberation on choosing between the coherent combinations. (shrink)

Heterogeneous beliefs and decision processes generate positive externalities for social and economic systems, analogous to biodiversity in biological systems. Although some aspects of biodiversity (e.g., pests, parasites and bacteria) can lead to ecological and economic problems, biodiversity provides flows of beneficial ecological services and is widely regarded as a valuable natural resource and informational asset, whose value increases as we learn more and science progresses (Wilson in Bioscience 35(11):700–706, 1985). Heterogeneous beliefs and decision processes (and heterogeneous behaviors they generate) similarly (...) provide flows of beneficial economic services. Behavioral diversity should therefore be seen as a natural resource and informational asset likely to improve human wellbeing in surprising ways in the future. Paternalistic policies motivated by the goal of “correcting” allegedly suboptimal beliefs and behavior that diverge from expert recommendations jeopardize behavioral diversity at a substantial cost to social welfare. The risk of encroaching on this beneficial behavioral heterogeneity with policies that aim to induce behavioral and belief monocultures should be included explicitly as costs when evaluating nudges and other paternalistic policies. (shrink)

Suppose you have an infinite past. If you had banked the spare dollar you have always had, then the interest would have made you rich by now. Your procrastination is inexcusable. But what should you have done? At any time at which you invest the dollar you would regret not investing it earlier. Satisficers can solve prospective puzzles involving infinite choice but cannot solve this retrospective puzzle about regret. A moral version of the puzzle suggests that there can be inevitable (...) moral failure. It does so without appeal to moral luck, moral dilemmas or original sin. (shrink)