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
- OpenAlex
- https://openalex.org/W2159071801
- Semantic Scholar
- https://api.semanticscholar.org/CorpusID:1869081
Keywords
Inference, Rationality, Bounded rationality, Computer science, Artificial intelligence
References
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- The psychology of Egon Brunswik
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- Rationality: Psychological and Philosophical Perspectives
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- The Overconfidence Phenomenon as a Consequence of Informal Experimenter-Guided Selection of Almanac Items
- The Reiteration Effect in Hindsight Bias
- Process and structure in human decision making
- Three Misleading Assumptions in the Customary Rhetoric of the Bias Literature
- Rational choice and the structure of the environment.
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- When Does Diversity Trump Ability (and Vice Versa) in Group Decision Making? A Simulation Study
- Identifying the mechanisms that generate choice and timing behavior in dynamic concurrent choice procedures
- A lack of appetite for information and computation. Simple heuristics in food choice.
- Deciding with the eye: How the visually manipulated accessibility of information in memory influences decision behavior
- When does ignorance make us smart? Additional factors guiding heuristic inference
- Software Process Improvement and Human Judgement Heuristics
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