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Bounded Rational Decision-Making in Changing Environments [article]

Jordi Grau-Moya, Daniel A. Braun
2013 arXiv   pre-print
Bounded rational decision-making addresses this problem by specifically trading off information-processing costs and expected utility.  ...  Interestingly, a similar trade-off between energy and entropy arises when describing changes in thermodynamic systems. This similarity has been recently used to describe bounded rational agents.  ...  A recent theory of bounded rationality for decision-making has been proposed that takes into account the computational cost of the search of the optimal policy.  ... 
arXiv:1312.6726v1 fatcat:upipfy3mcvhtvnaqix33xhjwym

Non-Equilibrium Relations for Bounded Rational Decision-Making in Changing Environments

Jordi Grau-Moya, Matthias Krüger, Daniel Braun
2017 Entropy  
Living organisms from single cells to humans need to adapt continuously to respond to changes in their environment.  ...  When there is a fast change in the environment, these systems evolve in a non-equilibrium fashion because they are unable to follow the path of equilibrium distributions.  ...  In the following, we recapitulate two simple MCMC examples in the context of decision-making: a bounded rational decision-maker that uses a rejection sampling scheme and a bounded rational decision-maker  ... 
doi:10.3390/e20010001 pmid:33265092 fatcat:ccktrxgeove6xavz7xalhs4p3a

Rationality and Bounded Rationality in Decision Making

Mundhir AL Hasani
2019 European Journal of Economics Law and Politics  
In the same breath, during the choices, there is numerous information on a given phenomenon; information that cannot be comprehended in full and used in making the decisions.  ...  The next phase will offer a theoretical glimpse and by so doing compare rationality theory and the critique offered through bounded rationality.  ...  In this view decision making as presented by the bounded rationality principle implies that people are influenced by their operating environment.  ... 
doi:10.19044/elp.v6no1a2 fatcat:67z3xuzfbzhz3aznfi66ep5ff4

Economic Decisions and Simon's Notion of Bounded Rationality

Daniele Schilirò
2018 International Business Research  
Decision making in economics has been always intertwined with the concept of rationality.  ...  First, the paper examines the economic decision process in the neoclassical theory and Simon's notion of bounded rationality.  ...  In any case, Simon's bounded rationality transformed decision-making theory across literatures.  ... 
doi:10.5539/ibr.v11n7p64 fatcat:acbcoefqzzhzzobqkmbls2dlpy

Information-Theoretic Bounded Rationality and ε-Optimality

Daniel Braun, Pedro Ortega
2014 Entropy  
The main question of this article is how the information-theoretic free energy model relates to simple -optimality models of bounded rational decision making, where the decision maker is satisfied with  ...  Bounded rationality concerns the study of decision makers with limited information processing resources.  ...  In this sense, bounded rational decision making is strictly inferior to perfect rationality, which selects deterministically the best action. This, however, changes in adversarial environments.  ... 
doi:10.3390/e16084662 fatcat:kayey4zuajhi3bfhpnkz37u4ma

Decision Making: Between Rationality and Reality

Marko Polič
2009 Interdisciplinary Description of Complex Systems  
creature in the complex environment.  ...  environments in which the mind operates.  ...  Bounded minds can nevertheless be successful using structures in the environment, or in Simon's words (after [11; p.4]) "a great deal can be learned about rational decision making... by taking account  ... 
doaj:b8373a2a5e25432796634c000b8a9a66 fatcat:qwzqn5myi5hvleeokf3ii5tywe

Bounded rationality in decision–making

Jose G Vargas Hernandez, Ricardo Perez Ortega
2019 MOJ Current Research & Reviews  
The research question is: How does bounded rationality impact the decision making of organizations?  ...  The purpose of this paper is to study the relationship between rationality and decision making.  ...  Conflicts of interest The authors declare no conflicts of interest in this work.  ... 
doi:10.15406/10.15406/mojcrr.2019.02.00047 fatcat:hiczgnxgrrcljes4om64u2jjmq

Bounded rationality in decision–making

Jose G Vargas Hernandez, Ricardo Perez Ortega
2019 MOJ Current Research & Reviews  
The research question is: How does bounded rationality impact the decision making of organizations?  ...  The purpose of this paper is to study the relationship between rationality and decision making.  ...  Conflicts of interest The authors declare no conflicts of interest in this work.  ... 
doi:10.15406/mojcrr.2019.02.00047 fatcat:at52ruciore47bvlbko5ut7sci

An Exploration of the Mechanism of Educational Scientific Decision-making in View of Bounded Rationality

ZHU Mei-xia
2018 Journal of Literature and Art Studies  
The bounded rationality which takes rationality as the judgement standard is the essential connotation of the scientific decision-making of education policies.  ...  of educational scientific decision-making, and finally realizing the rationality and scientificity of education policy decision-making.  ...  Hence, on the premise of constantly changing education decision-making environment at now and in the future, whether to centralize or to decentralize depends on the nature and feature of education decision-making  ... 
doi:10.17265/2159-5836/2018.07.016 fatcat:beqxrxp64jd7hkl4u4wn4kt3wy

Organisational Decision-Making and Academic Institutions

Ivana Ilijašić Veršić
2018 Zagreb International Review of Economics and Business  
Changes in understanding and interpretation of decision-making processes have shed more light on complex interplay given the different settings, and different actors.  ...  which together play a significant role in decision-making process, as well in selection of candidates for the job.  ...  Comprehensive processes are time-consuming, and in a fast-changing environment a slow decision-making process would be clearly inappropriate.  ... 
doi:10.2478/zireb-2018-0003 fatcat:mihbgudu7nd3jinu3ta76ottyi

HEURISTICS IN DECISION MAKING

I PUTU SUDANA
2011 Jurnal Ilmiah Akuntansi dan Bisnis  
Bidangbehavioral research in accounting menawarkan banyak kemungkinan untukdikaji, karena prinsip heuristics bertautan erat dengan aspek manusia sebagaipelaku dalam pengambilan keputusan.  ...  dan non-rational seperti yang umumnya diikuti.Penerapan pendekatan heuristics dapat ditemukan pada berbagai disiplin,termasuk bisnis dan akuntansi.  ...  In a dynamic environment, decision processes not only need to be well designed but they must also adapt rapidly to changes in the environment.  ... 
doaj:3fc0e6a188b94f1297d77c3ba08efe9f fatcat:mjtwcrsldjdipl2grhl3i46vna

Thermodynamics as a theory of decision-making with information-processing costs

P. A. Ortega, D. A. Braun
2013 Proceedings of the Royal Society A  
As a result, the bounded rational decision-making problem can be rephrased in terms of well-known concepts from statistical physics.  ...  Such bounded rational decision-makers can be thought of as thermodynamic machines that undergo physical state changes when they compute.  ...  rational decision-making.  ... 
doi:10.1098/rspa.2012.0683 fatcat:azs7dhnu5ngcblpcfckuvpp2gq

Bounded Rationality Through the Filter of the Lisbon Objectives

Ralf Fabian, Misu-Jan Manolescu, Loredana Galea, Gabriela Bologa
2010 International Journal of Computers Communications & Control  
events); a bounded-rationality approach enables both, better economic models and better modelling, being based on trends in economic modelling as well as on agent-oriented software engineering.  ...  Among the conclusions: classical rational reasoning is mainly aiming at effectiveness, not at uncertain knowledge processing, because of its temporality (mainly its ineffectiveness in dealing with future  ...  • Bounded Rationality (BR) -as kind of rationality in decision making; • Just in time paradigm (JIT) -as limit of perception.  ... 
doi:10.15837/ijccc.2010.5.2230 fatcat:464by2g4cncdtcwkm7hliuyr4i

Bounding rationality to the world

Peter M Todd, Gerd Gigerenzer
2003 Journal of Economic Psychology  
The mind can take advantage of this fit to make good decisions, by using mental mechanisms whose internal structure exploits the external information structures available in the environment.  ...  We then illustrate how these heuristics can make accurate decisions in appropriate environments, and present detailed examples of two heuristics inspired by SimonÕs ideas on recognition-based processing  ...  in the environment that can be used to make those decisions.  ... 
doi:10.1016/s0167-4870(02)00200-3 fatcat:plihjvwjpvblrm2lhuxb5y6uwm

Theconsistencyandecological rationalityapproaches to normative bounded rationality

Nathan Berg
2014 Journal of Economic Methodology  
Both schools of thought make normative claims about bounded rationality by comparing the performance of decision procedures using more than one performance metric.  ...  This characteristic usefully distinguishes two schools of normative analysis and their approaches to normative interpretations of bounded rationality.  ...  In contrast, the ecological rationality school applies multiple performance metrics, explicitly delimiting the class of decision-making environments in which a particular combination of normative criteria  ... 
doi:10.1080/1350178x.2014.969910 fatcat:euc5tdk63zccbf3h2ndkh22e2u
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