Resource-rational decision making
© 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⬢ analy...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
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Elsevier BV
2022
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| Online Access: | https://hdl.handle.net/1721.1/144282 |
| _version_ | 1826199877027102720 |
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| author | Bhui, Rahul Lai, Lucy Gershman, Samuel J |
| author2 | Sloan School of Management |
| author_facet | Sloan School of Management Bhui, Rahul Lai, Lucy Gershman, Samuel J |
| author_sort | Bhui, Rahul |
| collection | MIT |
| description | © 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. |
| first_indexed | 2024-09-23T11:27:13Z |
| format | Article |
| id | mit-1721.1/144282 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T11:27:13Z |
| publishDate | 2022 |
| publisher | Elsevier BV |
| record_format | dspace |
| spelling | mit-1721.1/1442822023-01-27T18:41:36Z Resource-rational decision making Bhui, Rahul Lai, Lucy Gershman, Samuel J Sloan School of Management Center for Brains, Minds, and Machines © 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. 2022-08-09T15:54:34Z 2022-08-09T15:54:34Z 2021 2022-08-09T15:51:03Z Article http://purl.org/eprint/type/JournalArticle https://hdl.handle.net/1721.1/144282 Bhui, Rahul, Lai, Lucy and Gershman, Samuel J. 2021. "Resource-rational decision making." Current Opinion in Behavioral Sciences, 41. en 10.1016/J.COBEHA.2021.02.015 Current Opinion in Behavioral Sciences Creative Commons Attribution-NonCommercial-NoDerivs License http://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf Elsevier BV Prof. Rahul Bhui |
| spellingShingle | Bhui, Rahul Lai, Lucy Gershman, Samuel J Resource-rational decision making |
| title | Resource-rational decision making |
| title_full | Resource-rational decision making |
| title_fullStr | Resource-rational decision making |
| title_full_unstemmed | Resource-rational decision making |
| title_short | Resource-rational decision making |
| title_sort | resource rational decision making |
| url | https://hdl.handle.net/1721.1/144282 |
| work_keys_str_mv | AT bhuirahul resourcerationaldecisionmaking AT lailucy resourcerationaldecisionmaking AT gershmansamuelj resourcerationaldecisionmaking |