#boundedrationality — Public Fediverse posts

The Legacy of Daniel Kahneman https://ejpe.org/journal/article/view/1075/753
by Gerd Gigerenzer
#BoundedRationality
#economics #Psychology #heuristics #Biases #statisticalThinking

One Sentence at a Time: A Quantitative #History of Rationality in Economic Thought https://d.repec.org/n?u=RePEc:osf:socarx:38na2_v1&r=&r=big
"… Combining large language model–based semantic analysis with bibliometric and network methods, we identify and cluster discussions of #rationality across time and scales, such as the circulation of #boundedRationality and the emergence of #behavioralEconomics."
#llm #het #EconomicThought

One Sentence at a Time: A Quantitative #History of Rationality in Economic Thought https://d.repec.org/n?u=RePEc:osf:socarx:38na2_v1&r=&r=big
"… Combining large language model–based semantic analysis with bibliometric and network methods, we identify and cluster discussions of #rationality across time and scales, such as the circulation of #boundedRationality and the emergence of #behavioralEconomics."
#llm #het #EconomicThought

One Sentence at a Time: A Quantitative #History of Rationality in Economic Thought https://d.repec.org/n?u=RePEc:osf:socarx:38na2_v1&r=&r=big
"… Combining large language model–based semantic analysis with bibliometric and network methods, we identify and cluster discussions of #rationality across time and scales, such as the circulation of #boundedRationality and the emergence of #behavioralEconomics."
#llm #het #EconomicThought

One Sentence at a Time: A Quantitative #History of Rationality in Economic Thought https://d.repec.org/n?u=RePEc:osf:socarx:38na2_v1&r=&r=big
"… Combining large language model–based semantic analysis with bibliometric and network methods, we identify and cluster discussions of #rationality across time and scales, such as the circulation of #boundedRationality and the emergence of #behavioralEconomics."
#llm #het #EconomicThought

What the marshmallow test got wrong about child psychology https://psyche.co/ideas/what-the-marshmallow-test-got-wrong-about-child-psychology
"… once other factors are taken into account, the marshmallow test loses its predictive power.
… the next time you hear about a flashy ‘new’ skill that has the potential to change everything, you should react with a healthy dose of scepticism that #psychology is unlikely to produce easy answers"
#BoundedRationality #BehavioralEconomics #selfControl #delayedGratification

Noise and Bias: The Cognitive Roots of Economic Errors https://d.repec.org/n?u=RePEc:lan:wpaper:423483206&r=&r=exp
"… formalizes the idea that decision makers might follow a mixture of rules of behavior combining cognitively imprecise value maximization and computationally simpler shortcuts.
… findings suggest that neither cognitive imprecision nor multiplicity of behavioral rules suffice to explain received patterns in economic decision making.… jointly modeling (cognitive) noise in value maximization and #biases arising from simpler, cognitive shortcuts delivers a unified framework which can parsimoniously explain deviations from normative prescriptions across domains."
#BoundedRationality #heuristics #ExperimentalEcon

Cognitive Limitations: Failures of Contingent Thinking
https://www.annualreviews.org/doi/pdf/10.1146/annurev-economics-091622-124733
"An agent who suffers from an FCT is able to maximize their profits when problems are presented in a way that focuses their #attention on relevant contingencies. However, the agent does not behave optimally without such aids. This may be because they do not focus on the relevant #contingency, focus on too few contingencies, or focus on too many contingencies."
#BehavioralEconomics #BoundedRationality
#economics