Statistical foundations of ecological rationality

Artikel

If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question shifts from being axiomatic/probabilistic in nature to being algorithmic/predictive in nature. These distinct views on rationality mirror fundamental and long-standing divisions in statistics.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 14 ; Year: 2020 ; Issue: 2020-2 ; Pages: 1-32 ; Kiel: Kiel Institute for the World Economy (IfW)

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Relation of Economics to Other Disciplines ; Operations Research; Statistical Decision Theory ; Model Evaluation, Validation, and Selection ; Forecasting Models; Simulation Methods ; Computational Techniques; Simulation Modeling ; Criteria for Decision-Making under Risk and Uncertainty
• Thema: cognitive science ; rationality ; ecological rationality ; bounded rationality ; bias bias ; bias/variance dilemma ; Bayesianism ; machine learning ; pattern recognition ; decision making under uncertainty ; unquantifiable uncertainty

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Brighton, Henry
• Ereignis: Veröffentlichung
• (wer): Kiel Institute for the World Economy (IfW)
• (wo): Kiel
• (wann): 2020

Weitere Informationen

• DOI: doi:10.5018/economics-ejournal.ja.2020-2
• Handle: http://hdl.handle.net/10419/213846
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ