Gigerenzer,G.
Selten,R.

Abstract: Nineteen background papers and group reports from the Eighty-Fourth Dahlem Workshop of the Free University Berlin, held in March 1999, promote bounded rationality as the key to understanding how actual people make decisions. Papers and reports focus on rethinking rationality; the concept of bounded rationality; the "adaptive toolbox," or the repertoire of rules or heuristics available to a species at a given point in its evolution; fast and frugal heuristics for environmentally bounded minds; evolutionary adaptation and the economic concept of bounded rationality; whether there is evidence for an adaptive toolbox; the fiction of optimization; preferential choice and adaptive strategy use; the performance of some fast and frugal heuristics based on a comparison with optimizing models; why and when simple heuristics work; the role of shame and self-esteem in risk taking; simple reinforcement learning models and reciprocation in the prisoner's dilemma game; imitation, social learning, and preparedness as mechanisms of bounded rationality; how collective wisdom arises from the poorly informed masses; effects of emotions and social processes on bounded rationality; norms and bounded rationality; prominence theory as a tool to model boundedly rational decisions; goodwill accounting and the process of exchange; and the role of culture in bounded rationality. Contributors include economists. Gigerenzer is a director at the Max Planck Institute for Human Development, Berlin. Subject and name indexes

Gigerenzer, G., & Selten, R. (2001). Rethinking rationality. In G. Gigerenzer, & R. Selten (Eds.), Bounded rationality: The adaptive toolbox. Dahlem Workshop Report (pp. 1-12). Cambridge, MA: MIT Press. (Full text)

Publication year	2001
Document type:	In book
Publication status:	Published
External URL:	http://library.mpib-berlin.mpg.de/ft/gg/GG_Rethinking_2001.pdf View
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