Mechanisms for Decisions about the Future
Mechanisms for Decisions about the Future
Evolutionary and psychological perspectives on decision making remain largely separate endeavors. The bounded rationality approach integrates these two perspectives by focusing on simple, plausible mechanisms of decision making and the cognitive capacities needed to implement these mechanisms. Decisions about the future provide a class of decisions that lend themselves to a bounded rationality approach. Though many different mechanisms may exist for making decisions about the future, only a subset of these mechanisms actually require a representation of the future. The bounded rationality approach helps focus on the cognitive capacities and decision mechanisms that are necessary for a full understanding of decision making about the future.
Keywords: Strüngmann Forum Reports, decision making, bounded rationality, cognition, future planning
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