IMPERFECT DECISION MAKERS: ADMITTING REAL-WORLD RATIONALITY a workshop in conjunction with the 30th Annual Conference on Neural Information Processing Systems (NIPS 2016)\n

0476341 - ÚTIA 2018 RIV eng U - Conference, Workshop Arrangement
Kárný, Miroslav - Guy, Tatiana Valentine
IMPERFECT DECISION MAKERS: ADMITTING REAL-WORLD RATIONALITY a workshop in conjunction with the 30th Annual Conference on Neural Information Processing Systems (NIPS 2016)
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[Barcelona, 09.12.2016-09.12.2016, (W-WRD 55/49)]
R&D Projects: GA ČR GA16-09848S
Institutional support: RVO:67985556
Keywords : IMPERFECT DECISION MAKERS * Rationality * Bayesian theory * limited cognitive resources
OECD category: Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8)
http://www.utia.cz/imperfectDM

The prescriptive Bayesian theory of decision making (DM) under uncertainty has reached a high level of maturity. The assumption that the decision maker is rational (i.e. that they optimize expected utility, in Savage's formulation) is central to this theory. However, empirical research indicates that this central assumption is often violated by real decision makers. This limits the ability of the prescriptive Bayesian theory to provide a descriptive theory of the real world. One of the reasons that have been proposed for why the assumption of rationality might be violated by real decision makers is the limited cognitive and computational resources of those decision makers. This workshop intends to inspect this core assumption and to consider possible ways to modify or complement it.
Permanent Link: http://hdl.handle.net/11104/0273532