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Ecological Rationality
Ecological rationality is a particular account of practical rationality, which in turn specifies the norms of rational action – what one ought to do in order to act rationally. The presently dominant account of practical rationality in the social and behavioral sciences such as economics and psychology, rational choice theory, maintains that practical rationality consists in making decisions in accordance with some fixed rules, irrespective of context. Ecological rationality, in contrast, claims that the rationality of a decision depends on the circumstances in which it takes place, so as to achieve one's goals in this particular context. What is considered rational under the rational choice account thus might not always be considered rational under the ecological rationality account. Overall, rational choice theory puts a premium on internal logical consistency whereas ecological rationality targets external performance in the world. The term ecologically rational is only etymolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Practical Reason
In philosophy, practical reason is the use of reason to decide how to act. It contrasts with theoretical reason, often called speculative reason, the use of reason to decide what to believe. For example, agents use practical reason to decide whether to build a telescope, but theoretical reason to decide which of two theories of light and optics is the best. Overview Practical reason is understood by most philosophers as determining a plan of action. Thomistic ethics defines the first principle of practical reason as "good is to be done and pursued, and evil is to be avoided." For Kant, practical reason has a law-abiding quality because the categorical imperative is understood to be binding one to one's duty rather than subjective preferences. Utilitarians tend to see reason as an instrument for the satisfactions of wants and needs. In classical philosophical terms, it is very important to distinguish three domains of human activity: theoretical reason, which investigates the tru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Choice Theory
Rational choice modeling refers to the use of decision theory (the theory of rational choice) as a set of guidelines to help understand economic and social behavior. The theory tries to approximate, predict, or mathematically model human behavior by analyzing the behavior of a rational actor facing the same costs and benefits.Gary Browning, Abigail Halcli, Frank Webster (2000). ''Understanding Contemporary Society: Theories of the Present'', London: Sage Publications. Rational choice models are most closely associated with economics, where mathematical analysis of behavior is standard. However, they are widely used throughout the social sciences, and are commonly applied to cognitive science, criminology, political science, and sociology. Overview The basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour. The theory also assumes that individuals have preferences out of available choice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cognitive Biases
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality. While cognitive biases may initially appear to be negative, some are adaptive. They may lead to more effective actions in a given context. Furthermore, allowing cognitive biases enables faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics. Other cognitive biases are a "by-product" of human processing limitations, resulting from a lack of appropriate mental mechanisms (bounded rationality), the impact of an individual's constitution and biological state (see embodied cognition), or simply from a limited c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gerd Gigerenzer
Gerd Gigerenzer (; born 3 September 1947) is a German psychologist who has studied the use of bounded rationality and heuristics in decision making. Gigerenzer is director emeritus of the Center for Adaptive Behavior and Cognition (ABC) at the Max Planck Institute for Human Development, Berlin, director of the Harding Center for Risk Literacy, University of Potsdam, and vice president of the European Research Council (ERC). Gigerenzer investigates how humans make inferences about their world with limited time and knowledge. He proposes that, in an uncertain world, probability theory is not sufficient; people also use smart heuristics, that is, rules of thumb. He conceptualizes rational decisions in terms of the ''adaptive toolbox'' (the repertoire of heuristics an individual or institution has) and the ability to choose a good heuristics for the task at hand. A heuristic is called ecologically rational to the degree that it is adapted to the structure of an environment. Gige ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert A
Herbert may refer to: People * Herbert (musician), a pseudonym of Matthew Herbert * Herbert (given name) * Herbert (surname) Places Antarctica * Herbert Mountains, Coats Land * Herbert Sound, Graham Land Australia * Herbert, Northern Territory, a rural locality * Herbert, South Australia. former government town * Division of Herbert, an electoral district in Queensland * Herbert River, a river in Queensland * County of Herbert, a cadastral unit in South Australia Canada * Herbert, Saskatchewan, Canada, a town * Herbert Road, St. Albert, Canada New Zealand * Herbert, New Zealand, a town * Mount Herbert (New Zealand) United States * Herbert, Illinois, an unincorporated community * Herbert, Michigan, a former settlement * Herbert Creek, a stream in South Dakota * Herbert Island, Alaska Arts, entertainment, and media Fictional entities * Herbert (Disney character) * Herbert Pocket, a character in the Charles Dickens novel ''Great Expectations'' * Herbert West ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Take-the-best Heuristic
In psychology, the take-the-best heuristic is a heuristic (a simple strategy for decision-making) which decides between two alternatives by choosing based on the first cue that discriminates them, where cues are ordered by cue validity (highest to lowest). In the original formulation, the cues were assumed to have binary values (yes or no) or have an unknown value. The logic of the heuristic is that it bases its choice on the ''best'' cue (reason) only and ignores the rest. Psychologists Gerd Gigerenzer and Daniel Goldstein discovered that the heuristic did surprisingly well at making accurate inferences in real-world environments, such as inferring which of two cities is larger. The heuristic has since been modified and applied to domains from medicine, artificial intelligence, and political forecasting. The heuristic has been used to accurately model how experts, such as airport customs officers and professional burglars, make decisions; the model often makes better predictions o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NP-hard
In computational complexity theory, a computational problem ''H'' is called NP-hard if, for every problem ''L'' which can be solved in non-deterministic polynomial-time, there is a polynomial-time reduction from ''L'' to ''H''. That is, assuming a solution for ''H'' takes 1 unit time, ''H''s solution can be used to solve ''L'' in polynomial time. As a consequence, finding a polynomial time algorithm to solve a single NP-hard problem would give polynomial time algorithms for all the problems in the complexity class NP. As it is suspected, but unproven, that P≠NP, it is unlikely that any polynomial-time algorithms for NP-hard problems exist. A simple example of an NP-hard problem is the subset sum problem. Informally, if ''H'' is NP-hard, then it is at least as difficult to solve as the problems in NP. However, the opposite direction is not true: some problems are undecidable, and therefore even more difficult to solve than all problems in NP, but they are probably not NP- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One ISO standard, international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, Environmental science, environment, finance, information technology, health, insurance, safety, security, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Defi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vernon L
Vernon may refer to: Places Australia *Vernon County, New South Wales Canada * Vernon, British Columbia, a city * Vernon, Ontario France * Vernon, Ardèche *Vernon, Eure United States * Vernon, Alabama * Vernon, Arizona * Vernon, California * Lake Vernon, California * Vernon, Colorado * Vernon, Connecticut * Vernon, Delaware * Vernon, Florida, a city * Vernon Lake (Idaho) * Vernon, Illinois * Vernon, Indiana * Vernon, Kansas * Vernon Community, Hestand, Kentucky * Vernon Parish, Louisiana ** Vernon Lake, a man-made lake in the parish * Vernon, Michigan * Vernon Township, Isabella County, Michigan * Vernon Township, Shiawassee County, Michigan * Vernon, Jasper County, Mississippi * Vernon, Madison County, Mississippi * Vernon, Winston County, Mississippi * Vernon Township, New Jersey * Vernon (town), New York ** Vernon (village), New York * Vernon (Mount Olive, North Carolina), a historic plantation house * Vernon Township, Crawford County, Ohio * Vernon To ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bounded Rationality
Bounded rationality is the idea that rationality is limited when individuals decision-making, make decisions, and under these limitations, rational individuals will select a decision that is satisficing, satisfactory rather than optimal. Limitations include the difficulty of the problem requiring a decision, the cognitive capability of the mind, and the time available to make the decision. Decision-makers, in this view, act as satisficers, seeking a satisfactory solution, with everything that they have at the moment rather than an optimal solution. Therefore, humans do not undertake a full Cost–benefit analysis, cost-benefit analysis to determine the optimal decision, but rather, choose an option that fulfills their adequacy criteria. Some models of human behavior in the social sciences assume that humans can be reasonably approximated or described as rationality, rational entities, as in rational choice theory or An Economic Theory of Democracy, Downs' political agency model.M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
