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Author: Peter M. Todd Publisher: Oxford University Press ISBN: 019971794X Category : Psychology Languages : en Pages : 609
Book Description
"More information is always better, and full information is best. More computation is always better, and optimization is best." More-is-better ideals such as these have long shaped our vision of rationality. Yet humans and other animals typically rely on simple heuristics to solve adaptive problems, focusing on one or a few important cues and ignoring the rest, and shortcutting computation rather than striving for as much as possible. In this book, we argue that in an uncertain world, more information and computation are not always better, and we ask when, and why, less can be more. The answers to these questions constitute the idea of ecological rationality: how we are able to achieve intelligence in the world by using simple heuristics matched to the environments we face, exploiting the structures inherent in our physical, biological, social, and cultural surroundings.
Author: Peter M. Todd Publisher: Oxford University Press ISBN: 019971794X Category : Psychology Languages : en Pages : 609
Book Description
"More information is always better, and full information is best. More computation is always better, and optimization is best." More-is-better ideals such as these have long shaped our vision of rationality. Yet humans and other animals typically rely on simple heuristics to solve adaptive problems, focusing on one or a few important cues and ignoring the rest, and shortcutting computation rather than striving for as much as possible. In this book, we argue that in an uncertain world, more information and computation are not always better, and we ask when, and why, less can be more. The answers to these questions constitute the idea of ecological rationality: how we are able to achieve intelligence in the world by using simple heuristics matched to the environments we face, exploiting the structures inherent in our physical, biological, social, and cultural surroundings.
Author: Carlo Rega Publisher: Springer Nature ISBN: 3030330273 Category : Political Science Languages : en Pages : 206
Book Description
Spatial planning defines how men use one of the most important and scarce resources on Earth: land. Planners therefore play a key role in countering or deepening the current ecological crisis. To foster ecological transitions, planning scholars and practitioners need to be equipped with sound theories and practical tools. To this end, this book advocates a re-foundation of spatial planning under the paradigm of “ecological rationality”, based on the revaluation of early pioneers of ecological planning and mutual fertilization with different disciplines, including decision-making science, ecology, (eco)system theory, land use science and political ecology. The key principles of ecological rationality and its application to spatial planning are discussed and this conceptual framework is used to explain the main underlying drivers of ecological degradation and their spatial manifestations at the local level. Current policy instruments in the European context, which can be used to underpin ecological planning, such as Green Infrastructure and the Mapping and Assessment of Ecosystem Service (MAES) initiative, are also examined.
Author: Vernon L. Smith Publisher: Cambridge University Press ISBN: 1139466461 Category : Business & Economics Languages : en Pages : 384
Book Description
The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.
Author: Walter F. Baber Publisher: Mit Press ISBN: Category : Business & Economics Languages : en Pages : 296
Book Description
Linking theory and practice, this book explores the potential of deliberative democracy to produce more effective environmental policy.
Author: Peter M. Todd Publisher: OUP USA ISBN: 0195315448 Category : Philosophy Languages : en Pages : 609
Book Description
"More information is always better, and full information is best. More computation is always better, and optimization is best." More-is-better ideals such as these have long shaped our vision of rationality. Yet humans and other animals typically rely on simple heuristics to solve adaptive problems, focusing on one or a few important cues and ignoring the rest, and shortcutting computation rather than striving for as much as possible. In this book, we argue that in an uncertain world, more information and computation are not always better, and we ask when, and why, less can be more. The answers to these questions constitute the idea of ecological rationality: how we are able to achieve intelligence in the world by using simple heuristics matched to the environments we face, exploiting the structures inherent in our physical, biological, social, and cultural surroundings.
Author: Riccardo Viale Publisher: Routledge ISBN: 131733079X Category : Business & Economics Languages : en Pages : 844
Book Description
Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.
Author: Gerd Gigerenzer Publisher: MIT Press ISBN: 9780262571647 Category : Business & Economics Languages : en Pages : 404
Book Description
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Author: Raymond Murphy Publisher: Routledge ISBN: 0429972822 Category : Social Science Languages : en Pages : 413
Book Description
Divergent beliefs about humanity's relationship to nature collide as the second millenium ends. One belief emphasizes that a distinctive characteristic of humans—reason—enables them to reshape and master nature. Another insists that nature is not so plastic, hence humans must adapt to nature and render development sustainable, or even limit growth. "Social ecology" asserts that environmental problems result from institutional hierarchies and suggests decentralized institutions and egalitarian ethics. According to "deep ecology" such problems originate in cultures assuming only humans are worthwhile, thus it stresses the intrinsic value of nature. Feminists are torn between values based on the equality of men and women and ecofeminist values postulating that women are inherently closer to nature than men. Rationality and Nature critically assesses these conflicting cultural tendencies. Waste has been the forgotten element of political economy. Western society has sophisticated methods of financial accounting but does little to account for the losses—financial and human—of waste. Raymond Murphy proposes in this book a theory of environmental debt as a source of capital accumulation. He develops a model of "environmental classes" that helps us to understand the political and economic basis of conflict over the environment. Environmental degradation did not occur on a vast scale until science and applied science were developed. Are they responsible for it and can they be reoriented toward a more symbiotic relationship with nature? Other ways of bringing about a symbiotic relationship are also explored in this book: compulsion, ecological values, ecological experience, and ecological knowledge.
Author: Gerd Gigerenzer Publisher: Oxford University Press ISBN: 9780195153729 Category : Computers Languages : en Pages : 370
Book Description
Where do new ideas come from? What is social intelligence? Why do social scientists perform mindless statistical rituals? This vital book is about rethinking rationality as adaptive thinking: to understand how minds cope with their environments, both ecological and social.Gerd Gigerenzer proposes and illustrates a bold new research program that investigates the psychology of rationality, introducing the concepts of ecological, bounded, and social rationality. His path-breaking collection takes research on thinking, social intelligence, creativity, and decision-making out of an ethereal world where the laws of logic and probability reign, and places it into our real world of human behavior and interaction. Adaptive Thinking is accessibly written for general readers with an interest in psychology, cognitive science, economics, sociology, philosophy, artificial intelligence, and animal behavior. It also teaches a practical audience, such as physicians, AIDS counselors, and experts in criminal law, how to understand and communicate uncertainties and risks.
Author: William P. Forbes Publisher: Academic Press ISBN: 0128124954 Category : Business & Economics Languages : en Pages : 276
Book Description
A Fast and Frugal Finance: Bridging Contemporary Behavioral Finance and Ecological Rationality adds psychological reality to classical financial reasoning. It shows how financial professionals can reach better and quicker decisions using the 'fast and frugal' framework for decision-making, adding dramatically to time and outcome efficiency, while also retaining accuracy. The book provides the reader with an adaptive toolbox of heuristic tools and classification systems to aid real-world decisions. Throughout, financial applications are presented alongside real-world examples to help readers solve established problems in finance, including stock buying and selling decisions, even in situations of considerable uncertainty and risk. The book concludes by describing potential solutions to financial problems, including discussions on high frequency trading and machine learning algorithms. Demonstrates how well-constructed 'fast and frugal' models can outperform standard models in time and outcome efficiency Focuses on how financial decisions are made in reality rather than how they should be made Discusses how cognition and the decision-making context interact in producing 'fast and frugal' choices Explores the development of decision-making trees in finance to aid in decision-making
Author: Peter M. Todd
Author: Peter M. Todd
Author: Carlo Rega
Author: Vernon L. Smith
Author: Walter F. Baber
Author: Peter M. Todd
Author: Riccardo Viale
Author: Gerd Gigerenzer
Author: Raymond Murphy
Author: Gerd Gigerenzer
Author: William P. Forbes