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Bounded Rationality: The Adaptive Toolbox (Dahlem Workshop Reports)

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Synopses & Reviews

Publisher Comments:

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.

Review:

"Bounded Rationality constitutes a milestone in the development of a framework for understanding human cognition." Robert Kurzban, Contemporary Psychology

Synopsis:

This book promotes bounded rationality as the key to understanding how real people make decisions.

Synopsis:

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.

About the Author

Gerd Gigerenzer is Director of the Max Planck Institute for Human Development, Berlin. He is coeditor (with Reinhard Selten) of Bounded Rationality: The Adaptive Toolbox (MIT Press, 2001).

Reinhard Selten is Professor at the University of Bonn. He is a co-winner of the 1994 Nobel Prize in Economics.

Product Details

ISBN:
9780262571647
Author:
Gerd Gigerenzer and Reinhard Selten
Publisher:
Mit Press
Editor:
Gigerenzer, Gerd
Editor:
Selten, Reinhard
Author:
Gigerenzer, Gerd
Author:
Selten, Gerd Gigerenzer and Reinhard
Author:
Selten, Reinhard
Location:
Cambridge, Mass.
Subject:
General
Subject:
Reasoning
Subject:
Cognitive Psychology
Subject:
Decision-making
Subject:
Models, Psychological.
Subject:
Rationalization.
Subject:
Aspirations
Subject:
Online resources
Subject:
Management - General
Subject:
Management
Subject:
Psychology-Cognitive Science
Edition Description:
Trade paper
Series:
Dahlem Workshop Reports Bounded Rationality
Series Volume:
no. 130
Publication Date:
20020731
Binding:
TRADE PAPER
Grade Level:
from 17
Language:
English
Illustrations:
Y
Pages:
394
Dimensions:
9 x 6 in

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Bounded Rationality: The Adaptive Toolbox (Dahlem Workshop Reports) New Trade Paper
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Product details 394 pages MIT Press - English 9780262571647 Reviews:
"Review" by , "Bounded Rationality constitutes a milestone in the development of a framework for understanding human cognition."
"Synopsis" by , This book promotes bounded rationality as the key to understanding how real people make decisions.
"Synopsis" by , 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.
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