Bounded rationality: from fast and frugal heuristics to logic programming and back

Francisco Vargas (), Laura Martignon and Keith Stenning
Additional contact information
Francisco Vargas: Ludwigsburg University of Education
Laura Martignon: Ludwigsburg University of Education
Keith Stenning: Edinburgh University

Mind & Society: Cognitive Studies in Economics and Social Sciences, 2023, vol. 22, issue 1, No 2, 33-51

Abstract: Abstract The notion of “bounded rationality” was introduced by Simon as an appropriate framework for explaining how agents reason and make decisions in accordance with their computational limitations and the characteristics of the environments in which they exist (seen metaphorically as two complementary scissor blades).We elaborate on how bounded rationality is usually conceived in psychology and on its relationship with logic. We focus on the relationship between heuristics and some non-monotonic logical systems. These two categories of cognitive tools share fundamental features. As a step further, we show that in some cases heuristics themselves can be formalized from this logic perspective. We have therefore two main aims: on the one hand, to demonstrate the relationship between the bounded rationality programme and logic, understood in a broad sense; on the other hand, to provide logical tools of analysis of already known heuristics. This may lead to results such as the characterization of fast and frugal binary trees in terms of their associated logic program here provided.

Keywords: Non-monotonic reasoning; Bounded rationality; Ecological rationality; Logic programming; Heuristics (search for similar items in EconPapers)
Date: 2023
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s11299-023-00293-3 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:minsoc:v:22:y:2023:i:1:d:10.1007_s11299-023-00293-3

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/11299

DOI: 10.1007/s11299-023-00293-3

Access Statistics for this article

Mind & Society: Cognitive Studies in Economics and Social Sciences is currently edited by Riccardo Viale

More articles in Mind & Society: Cognitive Studies in Economics and Social Sciences from Springer, Fondazione Rosselli Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().