theoretical, mathematical or formal analysis
Nathaniel Phillips, Hansjörg Neth, Jan Woike, Wolfgang Gaissmaier
Abstract: Fast-and-frugal trees (FFTs) are simple algorithms that facilitate efficient and accurate decisions based on limited information. But despite their successful use in many applied domains, there is no widely available toolbox that allows anyone to easily create, visualize, and evaluate FFTs. We fill this gap by introducing the R package FFTrees.
Abstract: How can we study bounded rationality? We answer this question by proposing rational task analysis (RTA)—a systematic approach that prevents experimental researchers from drawing premature conclusions regarding the (ir-)rationality of agents. RTA is a methodology and perspective that is anchored in the notion of bounded rationality and aids in the unbiased interpretation of results and the design of more conclusive experimental paradigms.
Abstract: Melioration — defined as choosing a lesser, local gain over a greater longer term gain — is a behavioral tendency that people and pigeons share. As such, the empirical occurrence of meliorating behavior has frequently been interpreted as evidence that the mechanisms of human choice violate the norms of economic rationality. In some environments, the relationship between actions and outcomes is known. In this case, the rationality of choice behavior can be evaluated in terms of how successfully it maximizes utility given knowledge of the environmental contingencies. In most complex environments, however, the relationship between actions and future outcomes is uncertain and must be learned from experience. When the difficulty of this learning challenge is taken into account, it is not evident that melioration represents suboptimal choice behavior.