Resource-rational decision making
Name
Resource_rational_decision_making.pdf
Description
Accepted version
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484.84 KB
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Adobe PDF
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e63dfe7b0ec32f29981fcb66a10b5235
Author(s) • •
Bhui, Rahul
Lai, Lucy
Gershman, Samuel J
Date Issued
2021
Journal
Current Opinion in Behavioral Sciences
Publisher
Elsevier BV
Citation
Bhui, Rahul, Lai, Lucy and Gershman, Samuel J. 2021. "Resource-rational decision making." Current Opinion in Behavioral Sciences, 41.
Version
Author's final manuscript
Abstract
© 2021 Elsevier Ltd Across many domains of decision making, people seem both rational and irrational. We review recent work that aims to reconcile these apparently contradictory views by modeling human decisions as optimal under a set of cognitive resource constraints. This ⬜resource-rational⬢ analysis connects psychology and neuroscience to ideas from engineering, economics, and machine learning. Here, we focus on an information-theoretic formalization of cognitive resources, highlighting its implications for understanding three important and widespread phenomena: reference dependence, stochastic choice, and perseveration. While these phenomena have traditionally been viewed as irrational biases or errors, we suggest that they may arise from a rational solution to the problem of resource-limited decision making.
MIT Department
Sloan School of Management
Center for Brains, Minds, and Machines
Terms of Use
Creative Commons Attribution-NonCommercial-NoDerivs License
Persistent DSpace Link
DOI of Published Version
https://doi.org/10.1016/J.COBEHA.2021.02.015