Reasoning the fast and frugal way: models of bounded rationality.

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Summary

The authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making, and found that these fast and frugal algorithms violate fundamental tenets of classical rationality: they neither look up nor integrate all information.

Type
article
Published
1996-10-01
Cited by
3,445
References
100
Access
Open access

Keywords

Inference, Rationality, Bounded rationality, Computer science, Artificial intelligence

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