Bounded Rationality News Today

We have squandered 80 years on a wrong conception of how our economy works. There is much to fix…

This article aims to show that there is an alternative way to explain human action with respect to the bottlenecks of the psychology of decision making. The empirical study of human behaviour from mid-20th century to date has mainly developed by looking at a normative model of decision making. In particular Subjective Expected Utility (SEU) decision making, which stems from the subjective expected utility theory of Savage (1954) that itself extended the analysis by Von Neumann and Morgenstern (1...

Artificial intelligence has made tremendous advances since its inception about seventy years ago. Self-driving cars, programs beating experts at complex games, and smart robots capable of assisting people that need care are just some among the successful examples of machine intelligence. This kind of progress might entice us to envision a society populated by autonomous robots capable of performing the same tasks humans do in the near future. This prospect seems limited only by the power and com...