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Bounded Rationality, Abstraction, and Hierarchical Decision-Making: An Information-Theoretic Optimality Principle

Tim Genewein, Felix Leibfried, Jordi Grau-Moya, Daniel Alexander Braun
2015 Frontiers in Robotics and AI  
In particular, we study an information-theoretic framework of bounded rational decision-making that trades off utility maximization against information-processing costs.  ...  We show how the formation of abstractions and decision-making hierarchies depends on information-processing costs.  ...  BOUNDED RATIONAL DECISION-MAKING A Free Energy Principle for Bounded Rationality In a decision-making task with context, an actor or agent is presented with a world-state w and is then faced with finding  ... 
doi:10.3389/frobt.2015.00027 fatcat:vuezi4xem5ckbfpf76bosu5wwa

Analyzing Abstraction and Hierarchical Decision-Making in Absolute Identification by Information-Theoretic Bounded Rationality

Cecilia Lindig-León, Sebastian Gottwald, Daniel A. Braun
2019 Frontiers in Neuroscience  
We compare subjects' behavior to the maximum efficiency predicated by the bounded rational decision-making model and investigate possible sources of inefficiency.  ...  Crucially, when reporting their estimates, subjects could choose between three different levels of precision corresponding to three levels of abstraction in a decision-making hierarchy.  ...  DISCUSSION In this study we have argued that the theory of bounded rationality with information constraints provides a conceptual and normative framework to reason about abstraction and hierarchical decision-making  ... 
doi:10.3389/fnins.2019.01230 pmid:31824241 pmcid:PMC6879553 fatcat:ufrc6gqoyjfgradctage6hiaj4

An Information-theoretic On-line Learning Principle for Specialization in Hierarchical Decision-Making Systems [article]

Heinke Hihn, Sebastian Gottwald, Daniel A. Braun
2019 arXiv   pre-print
Information-theoretic bounded rationality describes utility-optimizing decision-makers whose limited information-processing capabilities are formalized by information constraints.  ...  Here, we study an information-theoretic principle that drives division of labor and specialization when decision-makers with information constraints are joined together.  ...  Bounded Rational Decision Making An important concept in decision-making is the Maximum Utility principle [46] , where an agent always chooses an optimal action a * s ∈ A such that it maximizes their  ... 
arXiv:1907.11452v3 fatcat:oynxvyenzrgclooupytrffgueu

Hierarchical State Abstractions for Decision-Making Problems with Computational Constraints [article]

Daniel T. Larsson, Daniel Braun, Panagiotis Tsiotras
2017 arXiv   pre-print
In this semi-tutorial paper, we first review the information-theoretic approach to account for the computational costs incurred during the search for optimal actions in a sequential decision-making problem  ...  The traditional (MDP) framework ignores computational limitations while searching for optimal policies, essentially assuming that the acting agent is perfectly rational and aims for exact optimality.  ...  CONCLUSION We have presented an overview of an information-theoretic approach to account for computational resources in sequential decision making problems modeled by MDPs.  ... 
arXiv:1710.07990v1 fatcat:4gguonxjkne7vjugbraxlm4634

Organizational Aspects of Multicriteria Decision Making [chapter]

Fumiko Seo
1981 Lecture notes in economics and mathematical systems  
Multicriteria decision making is performed with satisfying principles instead of perfect optimization principles in classical operations research. 1/ "Procedual rationality" is concerned with the effectiveness  ...  Decision problem (1) shows the satisfaction criterion with "bounded rationality".  ... 
doi:10.1007/978-3-642-45527-8_30 fatcat:pbimstk2pfaljjd3d3l7hkdunu

Herbert Simon's spell on judgment and decision making

Konstantinos V. Katsikopoulos, Cherng-Horng (Dan) Lan
2011 Judgment and Decision Making  
To investigate how recent JDM research relates to these goals, we analyzed the articles published in the Journal of Behavioral Decision Making and in Judgment and Decision Making from 2006 to 2010.  ...  How many judgment and decision making (JDM) researchers have not claimed to be building on Herbert Simon's work?  ...  For example, propounding the principle that the structure of information in the world is often hierarchical, he argued that simple local algorithms can work well enough.  ... 
doaj:9547735b8c6748f8b7fabcc3bcc33e2b fatcat:hgibpqo2rfcmnoxmeo7y7d4cfe

Privacy and rationality in individual decision making

A. Acquisti, J. Grossklags
2005 IEEE Security and Privacy  
We present the theoretical groundings to critique the assumption of rationality in privacy decision making.  ...  Our research combines theoretical and empirical approaches to investigate the drivers and apparent inconsistencies of privacy decision making and behavior.  ...  Based on theoretical principles and empirical findings, we are working toward developing models of individual's privacy decision-making that recognize the impact of incomplete information, bounded rationality  ... 
doi:10.1109/msp.2005.22 fatcat:fhg5ovyg55af3hteznmcntbxxa

The Evolutionary Biology of Decision Making [chapter]

Jeffrey R. Stevens
2008 Better Than Conscious?  
An evolutionary view also suggests that fully rational decision processes do not likely exist in nature.  ...  Evolutionary and psychological approaches to decision making remain largely separate endeavors.  ...  Acknowledgments I am especially grateful to Peter Carruthers, Gerd Gigerenzer, Peter Hammerstein, John Hutchinson, and David Stephens for comments on an early version of the chapter and for thought-provoking  ... 
doi:10.7551/mitpress/9780262195805.003.0013 fatcat:b5alihpfozcinjxucc3mmltrzy

Rational decision making in medicine: Implications for overuse and underuse

Benjamin Djulbegovic, Shira Elqayam, William Dale
2017 Journal of Evaluation In Clinical Practice  
We provide a number of illustrations showing how the choice of theoretical framework influences both our policy and individual decision making.  ...  To a significant extent, this is a consequence of low-quality decision making that appears to violate various rationality criteria.  ...  Adaptive or ecological rationality 20,21 : A variant of bounded rationality, which stipulates that human decision making depends on the context and environmental cues; hence, rational behaviour/decision  ... 
doi:10.1111/jep.12851 pmid:29194876 pmcid:PMC6001794 fatcat:vrube5a26zdpfec2bnxxfm57ya

Strategic Decision Making and Its Importance in Small Corporations [chapter]

Nadežda Jankelová
2017 Corporate Governance and Strategic Decision Making  
decision making.  ...  The conclusions of the research are identified the most important aspects influencing and forming process of strategic decision making by managers of small corporations.  ...  Part of bounded rationality is a social rationality, which introduces elements of ethics in decision making [1] and emphasizes the ethical aspects as satisfactory and satisfying for the decision.  ... 
doi:10.5772/intechopen.68858 fatcat:y5kch2325ne75aobyxzlpjqktm

The anatomy of choice: dopamine and decision-making

K. Friston, P. Schwartenbeck, T. FitzGerald, M. Moutoussis, T. Behrens, R. J. Dolan
2014 Philosophical Transactions of the Royal Society of London. Biological Sciences  
We would like to thank the Editors and two anonymous reviewers for helpful guidance in presenting this work.  ...  By formulating the problem in this way, three important aspects of optimal decision-making emerge.  ...  Introduction This paper considers decision-making and action selection as variational Bayesian inference.  ... 
doi:10.1098/rstb.2013.0481 pmid:25267823 pmcid:PMC4186234 fatcat:2vzqjqlqardozimneh7a5zeege

The decision-making process between rationality and emotions

Letizia Alvino, Massimo Franco
2017 International Journal of Scientific Research and Management  
Emotions have recently acquired an increasingly significant position (in the academic and economic society) as important component of the decision making-process.  ...  The Organizational theory takes into account both the decision-making process of individuals and groups of a company.  ...  Unfortunately, this theoretical approach has failed since rationality, be it absolute or bounded, is too utopian to account for the complexity of the decision-making process.  ... 
doi:10.18535/ijsrm/v5i9.18 fatcat:kxiyrteaaze25ljx66e23om3sq

Bounded rationality for relaxing best response and mutual consistency: The Quantal Hierarchy model of decision-making [article]

Benjamin Patrick Evans, Mikhail Prokopenko
2022 arXiv   pre-print
Specifically, we propose an information-theoretic two-parameter model that can relax both mutual consistency and best response, while still recovering approximations of level-k, QRE, or typical Nash equilibrium  ...  While game theory has been transformative for decision-making, the assumptions made can be overly restrictive in certain instances.  ...  Section 2 analyses bounded rationality in the context of decision-making and game theory, Section 3 introduces information-theoretic bounded rational decision-making, Section 4 extends the idea to capture  ... 
arXiv:2106.15844v4 fatcat:gtlihtiszfdahjhpmhpbqc34le

Categorization=decision making+generalization

Carol A. Seger, Erik J. Peterson
2013 Neuroscience and Biobehavioral Reviews  
We first discuss perceptual information processing and integration, with an emphasis on accumulator models.  ...  of decision making.  ...  We would like to thank Dan Lopez-Paniagua, Kurt Braunlich, Hillary Wehe, and Howard A. Landman for useful comments on previous drafts of the manuscript.  ... 
doi:10.1016/j.neubiorev.2013.03.015 pmid:23548891 pmcid:PMC3739997 fatcat:br7gip7fxbhexmpy6sspmdwpgm

approaches to decision-making [chapter]

2007 Using Information for Decision Making CMIOLP  
Behavioural theory This theory rejects the underlying principles of rational economic man, replacing them with an explicit emphasis on the actual process of organisational decision making.  ...  All of these characteristics and the interpersonal and informational roles have an impact on the manager's decision making.  ...  Whistle-blowing Privileged information used by an insider to 'blow the whistle' to an influential outsider on some questionable or illegal behaviour.  ... 
doi:10.4324/9780080474700-21 fatcat:aqxxuxvizvd4lbd3f7u5jnvqra
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