Complexity, Bounded Rationality and Heuristic Search

W. Bentley Macleod ()

The B.E. Journal of Economic Analysis & Policy, 2002, vol. 1, issue 1, 52

Abstract: This paper explores the use of heuristic search algorithms for modeling human decision making. It is shown that this algorithm is consistent with many observed behavioral regularities, and may help explain deviations from rational choice. The main insight is that the heuristic function can be viewed as formal implementation of one aspect of emotion as discussed in Descarte's Error by Antonio Damasio. Consistent with Damasio's observations, it is shown that the quality of decision making is very sensitive to the nature of the heuristic ("emotion"), and hence this may help us better understand the role of emotion in rational choice theory.

Keywords: decision theory; learning; bounded rationality (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (10)

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DOI: 10.2202/1538-0645.1059

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