publication . Preprint . 2016

Human Decision-Making under Limited Time

Ortega, Pedro A.; Stocker, Alan A.;
Open Access English
  • Published: 05 Oct 2016
Abstract
Subjective expected utility theory assumes that decision-makers possess unlimited computational resources to reason about their choices; however, virtually all decisions in everyday life are made under resource constraints - i.e. decision-makers are bounded in their rationality. Here we experimentally tested the predictions made by a formalization of bounded rationality based on ideas from statistical mechanics and information-theory. We systematically tested human subjects in their ability to solve combinatorial puzzles under different time limitations. We found that our bounded-rational model accounts well for the data. The decomposition of the fitted model pa...
Subjects
free text keywords: Statistics - Machine Learning, Computer Science - Artificial Intelligence
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