Resource-rational analysis versus resource-rational humans

Rational Decision Making in Resource Allocation

Rational Decision-Making In Resource-Bounded Agents1

The objective of this paper is to construct an implementable theory of rational decision-making for cognitive agents subject to realistic resource constraints. It is argued that decision-making should select actions indirectly by selecting plans that prescribe them. It is also argued that although expected values provide the tool for evaluating plans, plans cannot be compared straightforwardly ...

Resource Rational Analysis of Memory Use in Bayesian Updating

Bayesian inference has been used to model many aspects of cognition, and this paper aims to investigate memory using a computational perspective. If memories are costly, how should a learner allocate its resources and still make accurate predictions? We present a framework for an agent that seeks to learn the true weight of a coin after observing a fixed number of observations. The agent pays t...

Improving Learning Performance Through Rational Resource Allocation

This article shows how rational analysis can be used to minimize learning cost for a general class of statistical learning problems. We discuss the factors that influence learning cost and show that the problem of effrcient learning can be cast as a resource optimization problem. Solutions found in this way can be significantly more efficient than the best solutions that do not account for thes...

Empirical evidence for resource-rational anchoring and adjustment.

People's estimates of numerical quantities are systematically biased towards their initial guess. This anchoring bias is usually interpreted as sign of human irrationality, but it has recently been suggested that the anchoring bias instead results from people's rational use of their finite time and limited cognitive resources. If this were true, then adjustment should decrease with the relative...