Cognition, Rationality, and Institutions
Cognition, Rationality, and Institutions

Author: Manfred E. Streit

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 262

ISBN-13: 3642597831

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Institutions are rules that are supported by various enforcement mechanisms. Cognition refers to the process of how men perceive and process information, whereas rationality refers to how these processes are modelled. Within institutional economics there is a growing scepticism towards extending the conventional economic frame of analysis to institutions. In particular, the notion of perfect rationality is increasingly questioned. At the same time human cognition has become a major field of research in psychology. This book explores what institutional economics can learn from cognitive psychology regarding the proper modelling of rationality in order to explain institutional change.

Cognition, Rationality, and Institutions
Cognition, Rationality, and Institutions

Author: Manfred E. Streit

Publisher: Springer

Published: 2013-10-03

Total Pages: 268

ISBN-13: 9783642641244

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Institutions are rules that are supported by various enforcement mechanisms. Cognition refers to the process of how men perceive and process information, whereas rationality refers to how these processes are modelled. Within institutional economics there is a growing scepticism towards extending the conventional economic frame of analysis to institutions. In particular, the notion of perfect rationality is increasingly questioned. At the same time human cognition has become a major field of research in psychology. This book explores what institutional economics can learn from cognitive psychology regarding the proper modelling of rationality in order to explain institutional change.

Elements of Reason
Elements of Reason

Author: Arthur Lupia

Publisher: Cambridge University Press

Published: 2000-10-09

Total Pages: 348

ISBN-13: 9780521653329

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Advances in the social sciences are used to uncover cognitive foundations of social decision making.

Economics, Bounded Rationality and the Cognitive Revolution
Economics, Bounded Rationality and the Cognitive Revolution

Author: The late Herbert A. Simon

Publisher: Edward Elgar Publishing

Published:

Total Pages: 244

ISBN-13: 9781781008225

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The purpose of this book is to publish the ideas of the late Herbert Simon and sympathetic economists, on the subject of bounded rationality, economics, cognitive science and related disciplines, and to reprint some of Professor Simon's classic papers which have appeared in journals not widely read by economists. Not only on account of his Nobel Prize in Economics, but also because of the widespread applications of his ideas and theories, it is especially valuable to readers to have a book of this kind at the present time. Currently in this whole field, there is increasing emphasis on computer-related theory building. Herbert Simon, beginning from the time when microcomputers did not exist, was a pioneer of this approach. The book begins with an edited transcript of a colloquium, held between Herbert Simon and a group of Italian economists in Italy in 1988. It continues with the reprinted Simon papers and papers by three scholars, Raymond Boudon, Massimo Egidi and Riccardo Viale coming from different disciplines but holding a common interest in bounded rationality and ends with a response by a sympathetic economist, Robin Marris.

Bounded Rationality
Bounded Rationality

Author: Gerd Gigerenzer

Publisher: MIT Press

Published: 2002-07-26

Total Pages: 404

ISBN-13: 9780262571647

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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.

Securities Against Misrule
Securities Against Misrule

Author: Jon Elster

Publisher: Cambridge University Press

Published: 2013-04-22

Total Pages: 337

ISBN-13: 1107031737

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It is often argued that democratic institutions should be designed to produce good outcomes, assuming that we know what good outcomes are and which institutions will track them. This book denies both assumptions. The idea of the general interest is ill-defined and our understanding of social causality is fragile. Instead, one should reduce as much as possible the impact of self-interest, passion, prejudice, and bias on the decision makers, and then let the chips fall where they may. In addition to making novel theoretical proposals, this book discusses a welter of case studies and historical episodes.

Cognitive Economics
Cognitive Economics

Author: Paul Bourgine

Publisher: Springer Science & Business Media

Published: 2013-03-20

Total Pages: 479

ISBN-13: 3540247084

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The social sciences study knowing subjects and their interactions. A "cog nitive turn", based on cognitive science, has the potential to enrich these sciences considerably. Cognitive economics belongs within this movement of the social sciences. It aims to take into account the cognitive processes of individuals in economic theory, both on the level of the agent and on the level of their dynamic interactions and the resulting collective phenomena. This is an ambitious research programme that aims to link two levels of com plexity: the level of cognitive phenomena as studied and tested by cognitive science, and the level of collective phenomena produced by the economic in teractions between agents. Such an objective requires cooperation, not only between economists and cognitive scientists but also with mathematicians, physicists and computer scientists, in order to renew, study and simulate models of dynamical systems involving economic agents and their cognitive mechanisms. The hard core of classical economics is the General Equilibrium Theory, based on the optimising rationality of the agent and on static concepts of equilibrium, following a point of view systemised in the framework of Game Theory. The agent is considered "rational" if everything takes place as if he was maximising a function representing his preferences, his utility function.

Adaptive Thinking
Adaptive Thinking

Author: Gerd Gigerenzer

Publisher: Oxford University Press

Published: 2002-03-07

Total Pages: 370

ISBN-13: 9780195153729

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Where do new ideas come from? What is social intelligence? Why do social scientists perform mindless statistical rituals? This vital book is about rethinking rationality as adaptive thinking: to understand how minds cope with their environments, both ecological and social.Gerd Gigerenzer proposes and illustrates a bold new research program that investigates the psychology of rationality, introducing the concepts of ecological, bounded, and social rationality. His path-breaking collection takes research on thinking, social intelligence, creativity, and decision-making out of an ethereal world where the laws of logic and probability reign, and places it into our real world of human behavior and interaction. Adaptive Thinking is accessibly written for general readers with an interest in psychology, cognitive science, economics, sociology, philosophy, artificial intelligence, and animal behavior. It also teaches a practical audience, such as physicians, AIDS counselors, and experts in criminal law, how to understand and communicate uncertainties and risks.

Reason, Regulation, and Realism
Reason, Regulation, and Realism

Author: C. A. Hooker

Publisher: State University of New York Press

Published: 1995-03-09

Total Pages: 450

ISBN-13: 1438407025

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This book develops a new naturalist theory of reason and scientific knowledge from a synthesis of philosophy and the new sciences of complex adaptive systems. In particular, the theory of partially self-organizing regulatory systems is now emerging as central to all the life and social sciences, and this book shows how these ideas can be used to illuminate and satisfyingly reconstruct our basic philosophical concepts and principles. Evolutionary epistemology provides a unifying subject for the book. It is taken as proposing some important commonality between cognitive biological and cognitive epistemic processes. Here, that commonality is found by embedding both in a common model of complex adaptive system dynamics. New reconstructions are offered on the theories of Jean Piaget, Karl Popper, and Nicholas Rescher which show how their ideas are more deeply illuminated from this perspective in contrast to the formal rationalist interpretations standard among philosophers and scientists.