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Want to Read Currently Reading Read. Refresh and try again. Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Preview — Bounded Rationality by Gerd Gigerenzer. 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 Simo In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality.
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.
Paperback , pages. Published July 26th by Mit Press first published February 19th To see what your friends thought of this book, please sign up. To ask other readers questions about Bounded Rationality , please sign up.
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Lists with This Book. Feb 07, Steven Peterson rated it it was amazing. This edited volume is an important addition to the work on human decision-making under conditions of uncertainty, in which people use "rules of thumb" to produce cost-effective decisions that are not strictly "rational.
However, they do not explicitly link such behavior often referred to as "heuristics" to evolution and biology. And they tend to define these This edited volume is an important addition to the work on human decision-making under conditions of uncertainty, in which people use "rules of thumb" to produce cost-effective decisions that are not strictly "rational. And they tend to define these "rules of thumb" as rather poor guides to decision making. The essays in this edited volume provide a different--and more optimistic picture--of such heuristics.
The contributors provide evidence and logic to suggest that evolution has led to the development of decision making shortcuts that "work" reasonably well. One can disagree with certain aspects of this work they may be a bit harsh on Kahneman and Tversky and their peers; they may be overly optimistic about some of the heuristics that they mention.
Nonetheless, this work is a wonderful introduction to a literature on how humans actually think and decide--rather than relying on abstract conceptualizations often prevalent in the social sciences, including the simplistic "rational choice" theory ascendant in several social science disciplines. This book represents a welcome corrective to such perspectives.
Dec 28, Jon Gauthier rated it liked it Shelves: Models of rational decision making in economics, cognitive science, biology, and other fields … tend to ignore these constraints and treat the mind as a Laplacean superintelligence equipped with unlimited resources of time, information, and computational might. Heuristics in the adaptive toolbox are modeled on the actual cognitive abilities a species has rather than on the imaginary powers of omniscient demons. Quite a few straight-talking articles here. Direct links to artificial intelligence, to Models of rational decision making in economics, cognitive science, biology, and other fields … tend to ignore these constraints and treat the mind as a Laplacean superintelligence equipped with unlimited resources of time, information, and computational might.
Vivek marked it as to-read Jan 24, I'm asking—I'm hoping—you'll go past that anger and let us know each other. He wanted some money. Anthony Meals marked it as to-read Oct 29, Models Of Bounded Rati
Direct links to artificial intelligence, too—the founder of this school was Herbert Simon, after all. Daulins rated it really liked it Sep 16, Steven Piet rated it liked it Sep 08, Hardcover , pages. To see what your friends thought of this book, please sign up. To ask other readers questions about Models Of Bounded Rationality , please sign up.
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