Bounded rationality gets a bad rap in epistemology. It is argued that theories of bounded rationality are overly context‐sensitive; conventionalist; or dependent on ordinary language (Carr, 2022; Pasnau, 2013). In this paper, I have three aims. The first is to set out and motivate an approach to bounded rationality in epistemology inspired by traditional theories of bounded rationality in cognitive science. My second aim is to show how this approach can answer recent challenges raised for theories of bounded rationality. My (...) third aim is to clarify the role of rational ideals in bounded rationality. (shrink)

For a long time, the dominant approach to studying decision making under risk has been to use psychoeconomic functions to account for how behavior deviates from the normative prescriptions of expected value maximization. While this neo-Bernoullian tradition has advanced the field in various ways—such as identifying seminal phenomena of risky choice —it contains a major shortcoming: Psychoeconomic curves are mute with regard to the cognitive mechanisms underlying risky choice. This neglect of the mechanisms both limits the explanatory value of neo-Bernoullian (...) models and fails to provide guidance for designing effective interventions to improve decision making. Here we showcase a recent “attentional turn” in research on risk choice that elaborates how deviations from normative prescriptions can result from imbalances in attention allocation and that thus promises to overcome the challenges of the neo-Bernoullian tradition. We argue that a comprehensive understanding of preference formation in risky choice must provide an account on a mechanistic level, and we delineate directions in which existing theories that rely on attentional processes may be extended to achieve this objective. (shrink)

When incorporating the environment into mental processing (cf., cognitive offloading), one creates novel cognitive strategies that have the potential to improve task performance. Improved performance can, for example, mean faster problem solving, more accurate solutions, or even higher grades at university.1 Although cognitive offloading has frequently been associated with improved performance, it is yet unclear how flexible problem solvers are at matching their offloading habits with their current performance goals (can people improve goal‐related instead of generic performance, e.g., when being (...) in a hurry and aiming for a “quick and dirty” solution?). Here, we asked participants to solve a cognitive task, provided them with different goals—maximizing speed (SPD) or accuracy (ACC), respectively—and measured how frequently (Experiment 1) and how proficiently (Experiment 2) they made use of a novel external resource to support their cognitive processing. Experiment 1 showed that offloading behavior varied with goals: Participants offloaded less in the SPD than in the ACC condition. Experiment 2 showed that this differential offloading behavior was associated with high goal‐related performance: fast answers in the SPD, accurate answers in the ACC condition. Simultaneously, goal‐unrelated performance was sacrificed: inaccurate answers in the SPD, slow answers in the ACC condition. The findings support the notion of humans as canny offloaders who are able to successfully incorporate their environment in pursuit of their current cognitive goals. Future efforts should be focused on the finding's generalizability, for example, to settings without feedback or with high mental workload. (shrink)

Prior research in judgment and decision making (JDM) has investigated the effect of problem framing on human preferences. Furthermore, research in JDM documented the absence of such reversal of preferences when making decisions from experience. However, little is known about the effect of context on preferences under the combined influence of problem framing and problem format. Also, little is known about how cognitive models would account for human choices in different problem frames and types (general/specific) in the experience format. One (...) of the primary objectives of this research is to investigate the presence of preference reversals under the influence of problem framing (gain/loss), problem format (experience/description), and problem type (general/specific). Another objective of this research is to develop cognitive models to account for human choices across different problem frames and types in the experience format. A total of 320 participants from India were randomly assigned to one of eight between-subjects conditions that differed in problem frame, format, and type. Results revealed preference reversals in the description condition; however, they were absent in the experience condition. Moreover, preference reversals were less pronounced in the general problem framing compared to the specific problem framing. Furthermore, specific problems influenced risk-seeking behavior among participants. We developed cognitive and heuristics models using instance-based learning theory and natural mean heuristic. Results reveal models’ dependency on recent and frequent observations during information sampling. These experience-based cognitive models could help build artificial intelligence models with fewer preference reversals. (shrink)

My aim in this paper is to develop a unified solution to two paradoxes of bounded rationality. The first is the regress problem that incorporating cognitive bounds into models of rational decisionmaking generates a regress of higher-order decision problems. The second is the problem of rational irrationality: it sometimes seems rational for bounded agents to act irrationally on the basis of rational deliberation. I review two strategies which have been brought to bear on these problems: the way of weakening which (...) responds by weakening rational norms, and the way of indirection which responds by letting the rationality of behavior be determined by the rationality of the deliberative processes which produced it. Then I propose and defend a third way to confront the paradoxes: the way of level separation. (shrink)

Epistemic nihilism for inquiry is the claim that there are no epistemic norms of inquiry. Epistemic nihilism was once the received stance towards inquiry, and I argue that it should be taken seriously again. My argument is that the same considerations which led us away from epistemic nihilism in the case of belief not only cannot refute epistemic nihilism for inquiry, but in fact may well support it. These include the argument from non-existence that there are no non-epistemic reasons for (...) belief; the linguistic argument that epistemic norms of belief are needed to capture the semantics of ordinary epistemic talk; and the argument from theoretical roles that epistemic norms are needed to play key theoretical roles for rational belief. I conclude by sketching an alternative Gibbardian picture on which norms of inquiry are all-things-considered norms governing action. (shrink)

This paper focuses on the cognitive/computational and evolutionary levels. It describes three proposals to make cognition computationally tractable, namely: Resource Rationality, the Adaptive Toolbox and Massive Modularity. While each of these proposals appeals to evolutionary considerations to dissolve the intractability of cognition, Rich, Blokpoel, de Haan, and van Rooij argue that, in each case, the intractability challenge is not resolved, but just relocated to the level of evolution.

This paper focuses on the cognitive/computational and evolutionary levels. It describes three proposals to make cognition computationally tractable, namely: Resource Rationality, the Adaptive Toolbox and Massive Modularity. While each of these proposals appeals to evolutionary considerations to dissolve the intractability of cognition, Rich, Blokpoel, de Haan, and van Rooij argue that, in each case, the intractability challenge is not resolved, but just relocated to the level of evolution.

Much of our thinking focuses on deciding what to do in situations where the space of possible options is too large to evaluate exhaustively. Previous work has found that people do this by learning the general value of different behaviors, and prioritizing thinking about high-value options in new situations. Is this good-action bias always the best strategy, or can thinking about low-value options sometimes become more beneficial? Can people adapt their thinking accordingly based on the situation? And how do we (...) know what to think about in novel events? Here, we developed a block-puzzle paradigm that enabled us to measure people's thinking plans and compare them to a computational model of rational thought. We used two distinct response methods to explore what people think about—a self-report method, in which we asked people explicitly to report what they thought about, and an implicit response time method, in which we used people's decision-making times to reveal what they thought about. Our results suggest that people can quickly estimate the apparent value of different options and use this to decide what to think about. Critically, we find that people can flexibly prioritize whether to think about high-value options (Experiments 1 and 2) or low-value options (Experiments 3, 4, and 5), depending on the problem. Through computational modeling, we show that these thinking strategies are broadly rational, enabling people to maximize the value of long-term decisions. Our results suggest that thinking plans are flexible: What we think about depends on the structure of the problems we are trying to solve. (shrink)

Intervening on causal systems can illuminate their underlying structures. Past work has shown that, relative to adults, young children often make intervention decisions that appear to confirm a single hypothesis rather than those that optimally discriminate alternative hypotheses. Here, we investigated how the ability to make informative causal interventions changes across development. Ninety participants between the ages of 7 and 25 completed 40 different puzzles in which they had to intervene on various causal systems to determine their underlying structures. Each (...) puzzle comprised a three‐ or four‐node computer chip with hidden wires. On each trial, participants viewed two possible arrangements of the chip's hidden wires and had to select a single node to activate. After observing the outcome of their intervention, participants selected a wire configuration and rated their confidence in their selection. We characterized participant choices with a Bayesian measurement model that indexed the extent to which participants selected nodes that would best disambiguate the two possible causal structures versus those that had high causal centrality in one of the two causal hypotheses but did not necessarily discriminate between them. Our model estimates revealed that the use of a discriminatory strategy increased through early adolescence. Further, developmental improvements in intervention strategy were related to changes in the ability to accurately judge the strength of evidence that interventions revealed, as indexed by participants' confidence in their selections. Our results suggest that improvements in causal information‐seeking extend into adolescence and may be driven by metacognitive sensitivity to the efficacy of previous interventions in discriminating competing ideas. (shrink)

Which rules should guide our reasoning? Human reasoners often use reasoning shortcuts, called heuristics, which function well in some contexts but lack the universality of reasoning rules like deductive implication or inference to the best explanation. Does it follow that human reasoning is hopelessly irrational? I argue: no. Heuristic reasoning often represents human reasoners reaching a local rational maximum, reasoning more accurately than if they try to implement more “ideal” rules of reasoning. I argue this is a genuine rational achievement. (...) Our ideal rational advisors would advise us to reason with heuristic rules, not more complicated ideal rules. I argue we do not need a radical new account of epistemic norms to make sense of the success of heuristic reasoning. (shrink)

Humans regularly pursue activities characterized by dramatic success or failure outcomes where, critically, the chances of success depend on the time invested working toward it. How should people allocate time between such make‐or‐break challenges and safe alternatives, where rewards are more predictable (e.g., linear) functions of performance? We present a formal framework for studying time allocation between these two types of activities, and we explore optimal behavior in both one‐shot and dynamic versions of the problem. In the one‐shot version, we (...) illustrate striking discontinuities in the optimal time allocation policy as we gradually change the parameters of the decision‐making problem. In the dynamic version, we formulate the optimal strategy—defined by a giving‐up threshold—which adaptively dictates when people should stop pursuing the make‐or‐break goal. We then show that this strategy is computationally inaccessible for humans, and we explore boundedly rational alternatives. We compare the performance of the optimal model against (a) a myopic giving‐up threshold that is easier to compute, and even simpler heuristic strategies that either (b) only decide whether or not to start pursuing the goal and never give up or (c) consider giving up at a fixed number of control points. Comparing strategies across environments, we investigate the cost and behavioral implications of sidestepping the computational burden of full rationality. (shrink)

We argue that the concept of practical wisdom is particularly useful for organizing, understanding, and improving human-machine interactions. We consider the relationship between philosophical analysis of wisdom and psychological research into the development of wisdom. We adopt a practical orientation that suggests a conceptual engineering approach is needed, where philosophical work involves refinement of the concept in response to contributions by engineers and behavioral scientists. The former are tasked with encoding as much wise design as possible into machines themselves, as (...) well as providing sandboxes or workspaces to help various stakeholders build practical wisdom in systems that are sufficiently realistic to aid transferring skills learned to real-world use. The latter are needed for the design of exercises and methods of evaluation within these workspaces, as well as ways of empirically assessing the transfer of wisdom from workspace to world. Systematic interaction between these three disciplines (and others) is the best approach to engineering wisdom for the machine age. (shrink)

Epistemologists have recently proposed a number of norms governing rational inquiry. My aim in this paper is to unify and explain recently proposed norms of inquiry by developing a general account of the conditions under which inquiries are rational, analogous to theories such as evidentialism and reliabilism for rational belief. I begin with a reason-responsiveness conception of rationality as responding correctly to possessed normative reasons. I extend this account with a series of claims about the normative reasons for inquiry that (...) we possess. I apply the account to shed light on two classes of norms that have featured prominently in recent discussions: norms of clutter avoidance forbidding agents from engaging in trivial inquiries, and norms of logical non-omniscience governing properties such as the deductive closure and consistency of an agent's belief state. I conclude with a discussion of the sense in which norms of inquiry should be regarded as epistemic norms. (shrink)

Resource rationality may explain suboptimal patterns of reasoning; but what of “anti-Bayesian” effects where the mind updates in a direction opposite the one it should? We present two phenomena — belief polarization and the size-weight illusion — that are not obviously explained by performance- or resource-based constraints, nor by the authors’ brief discussion of reference repulsion. Can resource rationality accommodate them?