Search results for " bounded rationality"
showing 3 items of 3 documents
How much choice is "good enough"? Moderators of information and choice overload
2021
In today’s world, people face an abundance of information and a great number of choices both in important domains, such as health care, retirement, and education, and in less important domains, such as the choice of breakfast cereal or chocolate. Choice overload and information overload have strong negative effects on many important decision- making aspects such as processing and using information, the motivation to act, the quality of choices, and post- choice feelings, which are discussed in Chapter 43 in this volume in more detail. However, small choice and information sets are not always optimal either. Several variables– – such as information usage, decision accuracy, motivation to cho…
ECOSYSTEM MODELING FOR SUSTAINABLE MANAGEMENT
2015
Setting new coordinates in modeling in order to ensure sustainable development in the context of the Europe 2020 strategy requirements / Horizon 2020 is a priority for protecting natural resources. The current challenges are in identifying the key aspects of IT processes, economic and ecosystem problems to ensure sustainable development. The main objectives are: a. understanding that creation and dissemination of complex system are the basic factors of economic growth; b. modeling ecosystem should take into account a strategy based on memetic engineering, bounded rationality and "Just in time" decisions. Among the conclusions: a. ecosystem modeling should take into account a strategy that s…
Cognitive and Affective Consequences of Information and Choice Overload
2021
When interviewed in 1992 in Pittsburgh, Pennsylvania, the Nobel laureate Herbert Simon described a paradox at the heart of living in an economy that made every effort to design and produce ever more “choice alternatives” but that simultaneously allocated very little energy to encouraging people to devote the attention and time actually required to choose. He gave the example of a decision to buy a new house, commenting: “Before you even start the choice process, somebody has presented you with this, and this, and this house” (UBS, 1992). The overabundance of alternatives was lamented by Simon in 1992, when computing power was slower. It is all the more alarming in the modern and constantly …