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Boundedly Rational Decision-Making under Certainty and Uncertainty: Some Reflections on Herbert Simon

The sixth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Mark Pingle Introduction Our collective rationality became more bounded on February 9, 2001. Herbert Simon emphasized we humans are cognitively constrained, and those constraints impact our decisions. Yet, Herbert Simon’s mind was less constrained than most of…

Rationality and the true human condition

The fifth in a series of excerpts from Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon. Ron Sun The notion of rationality is important to many fields in social and behavioral sciences. Herbert Simon’s seminal work on “bounded rationality” and “satisficing” led to broadened conceptions of rationality, which significantly impacted a number of…

“Storify” Version of Q+A

Minds, Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon Artificial intelligenceBounded Rationalitycomplexitycomputational intelligenceDecision makingEconomicsFernand GobetHerbert SimonMarcin MiłkowskiMarco NovaresePsychologyrationalismsatisficing

Minds, Models and Milieux: Twitter Q&A

A reminder about our Twitter Q&A tomorrow, Monday 15 February at 8am PST/4pm GMT. The list of participants below, along with the titles of their contributions to the collection — if you can’t join us, a link will provided soon after to an omnibus version: @markpingle — Boundedly Rational Decision-Making under Certainty and Uncertainty: Some Reflections on Herbert Simon @mmarconov…

Minds, Models and Milieux

Commemorating the Centennial of the Birth of Herbert Simon — published today. Artificial intelligenceBehavioral economicsBounded RationalityCognitive scienceDecision makingHerbert SimonMinds Models and Milieux: Commemorating the Centennial of the Birth of Herbert Simon

Risky business

A new article in the latest issue of the PNAS entitled “Predicting risky choices from brain activity patterns“ (h/t to Shannon Selin). This study reminds me of Daniel Kahneman and Amos Tversky’s work: Prospect theory concerns the psychophysics of wealth utility: that is, the perceived tradeoffs between potential outcomes and the probability of some outcome occurring. Kahneman…