Bounded Rationality: The Adaptive Toolbox

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Gerd Gigerenzer (Director (Prof. Dr.), Max Planck Institute for Human Development) Reinhard Selten (Universitat Bonn)

Bounded Rationality

The Adaptive Toolbox

Gerd Gigerenzer (Director (Prof. Dr.), Max Planck Institute for Human Development), Reinhard Selten (Universitat Bonn), Werner Reutter

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English

MIT Press
26 July 2002

Intelligence & reasoning; Economic theory & philosophy

Series: Bounded Rationality

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.

Edited by: Gerd Gigerenzer (Director (Prof. Dr.) Max Planck Institute for Human Development), Reinhard Selten (Universitat Bonn)
Series edited by: Werner Reutter
Imprint: MIT Press
Country of Publication: United States
Edition: New edition
Dimensions: Height: 229mm, Width: 152mm, Spine: 20mm
Weight: 544g
ISBN: 9780262571647
ISBN 10: 0262571641
Series: Bounded Rationality
Pages: 394
Publication Date: 26 July 2002
Recommended Age: From 18 years
Audience: College/higher education , Professional and scholarly , Professional & Vocational , A / AS level , Further / Higher Education
Format: Paperback
Publisher's Status: Inactive

Gerd Gigerenzer is Director at the Max Planck Institute for Human Development, Berlin. He is the author of Calculated Risks, among other books, and the coeditor of Bounded Rationality- The Adaptive Toolbox and Heuristics and the Law, both published by the MIT Press. The late Reinhard Selten was Professor at the University of Bonn and was a co-winner of the 1994 Nobel Prize in Economics.

Reviews for Bounded Rationality: The Adaptive Toolbox

Bounded Rationality constitutes a milestone in the development of a framework for understanding human cognition. -- Robert Kurzban, Contemporary Psychology