Bounded Rationality: The Adaptive Toolbox
Gerd Gigerenzer, Reinhard Selten
MIT Press, 26. 7. 2002 - Počet stran: 394
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning.
This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
What Is Bounded Rationality?
The Adaptive Toolbox
Fast and Frugal Heuristics for Environmentally Bounded
Evolutionary Adaptation and the Economic Concept
The Fiction of Optimization
Preferential Choice and Adaptive Strategy Use
Comparing Fast and Frugal Heuristics and Optimal Models
Why and When Do Simple Heuristics Work?
Imitation Social Learning and Preparedness as Mechanisms
How Collective Wisdom
Effects of Emotions and Social Processes
Norms and Bounded Rationality
Prominence Theory as a Tool to Model Boundedly Rational
Goodwill Accounting and the Process of Exchange
The Role of Shame
Simple Reinforcement Learning Models and Reciprocation