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Reasoning the Fast and Frugal Way: Models of Bounded Rationality

Reasoning the Fast and Frugal Way: Models of Bounded Rationality Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon’s notion of satisficing, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the authors held a competition between the satisficing “Take The Best” algorithm and various “rational” inference procedures (e.g., multiple regression). The Take The Best algorithm matched or outperformed all competitors in inferential speed and accuracy. This result is an existence proof that cognitive mechanisms capable of successful performance in the real world do not need to satisfy the classical norms of rational inference. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Psychological Review American Psychological Association

Reasoning the Fast and Frugal Way: Models of Bounded Rationality

Psychological Review , Volume 103 (4): 20 – Oct 1, 1996

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References (101)

Publisher
American Psychological Association
Copyright
Copyright © 1996 American Psychological Association
ISSN
0033-295x
eISSN
1939-1471
DOI
10.1037/0033-295X.103.4.650
Publisher site
See Article on Publisher Site

Abstract

Humans and animals make inferences about the world under limited time and knowledge. In contrast, many models of rational inference treat the mind as a Laplacean Demon, equipped with unlimited time, knowledge, and computational might. Following H. Simon’s notion of satisficing, the authors have proposed a family of algorithms based on a simple psychological mechanism: one-reason decision making. These fast and frugal algorithms violate fundamental tenets of classical rationality: They neither look up nor integrate all information. By computer simulation, the authors held a competition between the satisficing “Take The Best” algorithm and various “rational” inference procedures (e.g., multiple regression). The Take The Best algorithm matched or outperformed all competitors in inferential speed and accuracy. This result is an existence proof that cognitive mechanisms capable of successful performance in the real world do not need to satisfy the classical norms of rational inference.

Journal

Psychological ReviewAmerican Psychological Association

Published: Oct 1, 1996

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