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Bounded Rationality : The Adaptive Toolbox - Gerd Gigerenzer

Bounded Rationality

The Adaptive Toolbox

By: Gerd Gigerenzer (Editor), Reinhard Selten (Editor), Werner Reutter (Editor)

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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.

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Bounded Rationality constitutes a milestone in the development of a framework for understanding human cognition.

-Robert Kurzban, Contemporary Psychology

List of Participants
Rethinking Rationality
What is Bounded Rationality?
The Adaptive Toolbox
Fast and Frugal Heuristics for Environmentally Bounded Minds
Evolutionary Adaptation and the Economic Concept of Bounded Rationality -- A Dialogue
Group Report: Is there Evidence for an Adaptive Toolbox?
The Fiction of Optimization
Preferential Choice and Adaptive Strategy Use
Comparing Fast and Frugal Heuristics and Optimal Models
Group Report: Why and When Do Simple Heuristics Work?
Emotions and Cost-benefit Assessment: The Role of Shame and Self-esteem in Risk taking
Simple Reinforcement Learning Models and Reciprocation in the Prisoner's Dilemma Game
Imitation, Social Learning, and Preparedness as Mechanisms of Bounded Rationality
Decision Making in Superorganisms: How Collective Wisdom Arises from the Poorly Informed Masses
Group Report: Effect of Emotions and Social Processes on Bounded Rationality
Norms and Bounded Rationality
Prominence Theory as a Tool to Model Boundedly Rational Decisions
Goodwill Accounting and the Process of Exchange
Group Report: What is the Role of Culture in Bounded Rationality?
Subject Index
Name Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780262571647
ISBN-10: 0262571641
Series: Dahlem Workshop Reports
Audience: Professional
For Ages: 18+ years old
Format: Paperback
Language: English
Number Of Pages: 394
Published: 7th August 2002
Country of Publication: US
Dimensions (cm): 22.1 x 15.1  x 2.3
Weight (kg): 0.63