Arbeitspapier
Decisions and performance under bounded rationality: A computational benchmarking approach
This paper presents a novel approach to analyze human decision-making that involves comparing the behavior of professional chess players relative to a computational benchmark of cognitively bounded rationality. This benchmark is constructed using algorithms of modern chess engines and allows investigating behavior at the level of individual move-by-move observations, thus representing a natural benchmark for computationally bounded optimization. The analysis delivers novel insights by isolating deviations from this benchmark of bounded rationality as well as their causes and consequences for performance. The findings document the existence of several distinct dimensions of behavioral deviations, which are related to asymmetric positional evaluation in terms of losses and gains, time pressure, fatigue, and complexity. The results also document that deviations from the benchmark do not necessarily entail worse performance. Faster decisions are associated with more frequent deviations from the benchmark, yet they are also associated with better performance. The findings are consistent with an important influence of intuition and experience, thereby shedding new light on the recent debate about computational rationality in cognitive processes.
- Language
-
Englisch
- Bibliographic citation
-
Series: Discussion Paper ; No. 263
- Classification
-
Wirtschaft
Microeconomic Behavior: Underlying Principles
- Subject
-
Cognitively Bounded Rationality
Benchmark Computing
Artificial Intelligence
Decision Quality
Decision Time
- Event
-
Geistige Schöpfung
- (who)
-
Zegners, Dainis
Sunde, Uwe
Strittmatter, Anthony
- Event
-
Veröffentlichung
- (who)
-
Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition
- (where)
-
München und Berlin
- (when)
-
2020
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Zegners, Dainis
- Sunde, Uwe
- Strittmatter, Anthony
- Ludwig-Maximilians-Universität München und Humboldt-Universität zu Berlin, Collaborative Research Center Transregio 190 - Rationality and Competition
Time of origin
- 2020
Other Objects (12)
Heterogeneity and Performance in Tournaments: A Test for Incentive Effects using Professional Tennis Data
Heterogeneity and Performance in Tournaments: A Test for Incentive Effects using Professional Tennis Data
Human Capital Accumulation, Education and Earnings Inequality
Unobserved Bilateral Search on the Labor Market: A Theory-Based Correction for a Common Flaw in Empirical Matching Studies
Wirtschaftliche Entwicklung und Demokratie: ist Demokratie ein Wohlstandsmotor oder ein Wohlstandsprodukt?
Potential, prizes and performance : testing tournament theory with professional tennis data
Speed, quality, and the optimal timing of complex decisions: Field evidence
Speed, Quality, and the Optimal Timing of Complex Decisions: Field Evidence
Demographic dynamics, preferences, and economic development
Expectations and economic choices : essays on projection bias, expectation-based reference points, and the emergence of extreme political systems
Macroeconomic consequences of educational composition: sectoral allocation, inequality, and automation
Economic and demographic development: the importance of life expectancy and the demographic transition
Heterogeneity and Performance in Tournaments: A Test for Incentive Effects using Professional Tennis Data
Heterogeneity and Performance in Tournaments: A Test for Incentive Effects using Professional Tennis Data
Human Capital Accumulation, Education and Earnings Inequality
Unobserved Bilateral Search on the Labor Market: A Theory-Based Correction for a Common Flaw in Empirical Matching Studies
Wirtschaftliche Entwicklung und Demokratie: ist Demokratie ein Wohlstandsmotor oder ein Wohlstandsprodukt?
Potential, prizes and performance : testing tournament theory with professional tennis data
Speed, quality, and the optimal timing of complex decisions: Field evidence
Speed, Quality, and the Optimal Timing of Complex Decisions: Field Evidence
Demographic dynamics, preferences, and economic development
Expectations and economic choices : essays on projection bias, expectation-based reference points, and the emergence of extreme political systems
Macroeconomic consequences of educational composition: sectoral allocation, inequality, and automation
Economic and demographic development: the importance of life expectancy and the demographic transition
Heterogeneity and Performance in Tournaments: A Test for Incentive Effects using Professional Tennis Data
Heterogeneity and Performance in Tournaments: A Test for Incentive Effects using Professional Tennis Data
Human Capital Accumulation, Education and Earnings Inequality
Unobserved Bilateral Search on the Labor Market: A Theory-Based Correction for a Common Flaw in Empirical Matching Studies
Wirtschaftliche Entwicklung und Demokratie: ist Demokratie ein Wohlstandsmotor oder ein Wohlstandsprodukt?
Potential, prizes and performance : testing tournament theory with professional tennis data
Speed, quality, and the optimal timing of complex decisions: Field evidence
Speed, Quality, and the Optimal Timing of Complex Decisions: Field Evidence
Demographic dynamics, preferences, and economic development
Expectations and economic choices : essays on projection bias, expectation-based reference points, and the emergence of extreme political systems
Macroeconomic consequences of educational composition: sectoral allocation, inequality, and automation