Cognitively bounded rational analyses and the crucial role of theories of subjective utility. (2020)

• Record Type: Journal Article
• Authors: Lewis, Richard L.; Howes, Andrew
• Is Part Of: Behavioral and brain sciences. Volume 43(2020)
• Publication Date: 2020
• Subjects: Psychophysiology -- Periodicals; Psychology -- Periodicals; Human behavior -- Periodicals; Animal behavior -- Periodicals; Brain -- Periodicals; 616.89142
• DOI: 10.1017/S0140525X19001729
• Languages: English
• ISSNs: 0140-525X

Abstract

Abstract: We agree that combining rational analysis with cognitive bounds, what we previously introduced as Cognitively Bounded Rational Analysis, is a promising and under-used methodology in psychology. We further situate the framework in the literature, and highlight the important issue of a theory of subjective utility, which is not addressed sufficiently clearly in the framework or related previous work.