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Social Rationality
In behavioural sciences, social rationality is a type of decision strategy used in social contexts, in which a set of simple rules is applied in complex and uncertain situations. Definition Social rationality is a form of bounded rationality applied to social contexts, where individuals make choices and predictions under uncertainty.Hertwig, Hoffrage, & the ABC Research Group, 2012 While game theory deals with well-defined situations, social rationality explicitly deals with situations in which not all alternatives, consequences, and event probabilities can be foreseen. The idea is that, similar to non-social environments, individuals rely, and should rely, on ''fast and frugal heuristics'' in order to deal with complex and genuinely uncertain social environments. This emphasis on simple rules in an uncertain world contrasts with the view that the complexity of social situations requires highly sophisticated mental strategies, as has been assumed in primate researchHumphrey, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioural Sciences
Behavioral sciences explore the cognitive processes within organisms and the behavioral interactions between organisms in the natural world. It involves the systematic analysis and investigation of human and animal behavior through naturalistic observation, controlled scientific experimentation and mathematical modeling. It attempts to accomplish legitimate, objective conclusions through rigorous formulations and observation.Klemke, E. D., Hollinger, R., and Kline, A. D., (1980), Introduction to the book in 'Introductory Readings in the Philosophy of Science': Buffalo, New York, Prometheus Books p 11-12 Examples of behavioral sciences include psychology, psychobiology, anthropology, economics, and cognitive science. Generally, behavioral science primarily has shown how human action often seeks to generalize about human behavior as it relates to society and its impact on society as a whole. Categories Behavioral sciences include two broad categories: neural ''Information sciences ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Heuristics
Social heuristics are simple decision making strategies that guide people's behavior and decisions in the social environment when time, information, or cognitive resources are scarce. Social environments tend to be characterised by complexity and uncertainty, and in order to simplify the decision making process, people may use heuristics, which are decision making strategies that involve ignoring some information or relying on simple rules of thumb. The class of phenomena described by social heuristics overlap with those typically investigated by social psychology and game theory. At the intersection of these fields, social heuristics have been applied to explain cooperation in economic games used in experimental research. In the view of the field's academics, cooperation is typically advantageous in daily life, and therefore people develop a cooperation heuristic that gets applied even to one-shot anonymous interactions (the "social heuristics hypothesis" of human cooperation) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Max Planck Institute For Human Development
The Max-Planck-Institute for Human Development (Max-Planck-Institut für Bildungsforschung) is an internationally renowned social science research organization. Located in Berlin, it was initiated in 1961 and officially began operations in 1963 under the name Institute for Educational Research in the Max Planck Society, before receiving its current name in 1971. Its co-founder and first director was Hellmut Becker. The institute is part of the Human Sciences Section of the Max Planck Society. Research activities focus on the development and education of humans, with an emphasis on basic research. The concept of education is defined broadly, embracing both formal educational processes as well as developmental processes from childhood to old age. Currently, around 350 employees contribute to interdisciplinary research in four research centers, a Lise Meitner Group and three research groups. Research Centers * Center for Adaptive Rationality (Director: Ralph Hertwig) * Center fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uncertainty
Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable or stochastic environments, as well as due to ignorance, indolence, or both. It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology and information science. Concepts Although the terms are used in various ways among the general public, many specialists in decision theory, statistics and other quantitative fields have defined uncertainty, risk, and their measurement as: Uncertainty The lack of certainty, a state of limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome. ;Measurement of uncertainty: A set of possible states or outc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optimization
Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems of sorts arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries. In the more general approach, an optimization problem consists of maxima and minima, maximizing or minimizing a Function of a real variable, real function by systematically choosing Argument of a function, input values from within an allowed set and computing the Value (mathematics), value of the function. The generalization of optimization theory and techniques to other formulations constitutes a large area of applied mathematics. More generally, opti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecological Rationality
Ecological rationality is a particular account of practical rationality, which in turn specifies the norms of rational action – what one ought to do in order to act rationally. The presently dominant account of practical rationality in the social and behavioral sciences such as economics and psychology, rational choice theory, maintains that practical rationality consists in making decisions in accordance with some fixed rules, irrespective of context. Ecological rationality, in contrast, claims that the rationality of a decision depends on the circumstances in which it takes place, so as to achieve one's goals in this particular context. What is considered rational under the rational choice account thus might not always be considered rational under the ecological rationality account. Overall, rational choice theory puts a premium on internal logical consistency whereas ecological rationality targets external performance in the world. The term ecologically rational is only etymolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tit-for-tat
Tit for tat is an English saying meaning "equivalent retaliation". It developed from "tip for tap", first recorded in 1558. It is also a highly effective strategy in game theory. An agent using this strategy will first cooperate, then subsequently replicate an opponent's previous action. If the opponent previously was cooperative, the agent is cooperative. If not, the agent is not. Game theory Tit-for-tat has been very successfully used as a strategy for the iterated prisoner's dilemma. The strategy was first introduced by Anatol Rapoport in Robert Axelrod's two tournaments, held around 1980. Notably, it was (on both occasions) both the simplest strategy and the most successful in direct competition. An agent using this strategy will first cooperate, then subsequently replicate an opponent's previous action. If the opponent previously was cooperative, the agent is cooperative. If not, the agent is not. This is similar to reciprocal altruism in biology. History The term develo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Strategy
Decision theory (or the theory of choice; not to be confused with Rational choice theory, choice theory) is a branch of applied probability theory concerned with the theory of making decisions based on assigning probabilities to various factors and assigning statistical significance, numerical consequences to the outcome. There are three branches of decision theory: # Normative statement, Normative decision theory: Concerned with the identification of optimal decision, optimal decisions, where optimality is often determined by considering an ideal decision-maker who is able to calculate with perfect accuracy and is in some sense fully rationality, rational. # Decision analysis#Decision analysis as a prescriptive approach, Prescriptive decision theory: Concerned with describing observed behaviors through the use of conceptual model, conceptual models, under the assumption that those making the decisions are behaving under some consistent rules. # Positive statement, Descriptive de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Circle
In the social sciences, a social group can be defined as two or more people who interact with one another, share similar characteristics, and collectively have a sense of unity. Regardless, social groups come in a myriad of sizes and varieties. For example, a society can be viewed as a large social group. The system of behaviors and psychological processes occurring within a social group or between social groups is known as group dynamics. Definition Social cohesion approach A social group exhibits some degree of social cohesion and is more than a simple collection or aggregate of individuals, such as people waiting at a bus stop, or people waiting in a line. Characteristics shared by members of a group may include interests, values, representations, ethnic or social background, and kinship ties. Kinship ties being a social bond based on common ancestry, marriage or adoption. In a similar vein, some researchers consider the defining characteristic of a group as social i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equality Heuristic
Equality may refer to: Society * Political equality, in which all members of a society are of equal standing ** Consociationalism, in which an ethnically, religiously, or linguistically divided state functions by cooperation of each group's elites ** Egalitarianism, a trend of thought that favors equality for all people ** Equal opportunity, a stipulation that all people should be treated similarly ** Equality of outcome, in which the general conditions of people's lives are similar ** For specific groups: *** Gender equality *** Racial equality ** Equality Party (other), several political parties * Social equality, in which all people within a group have the same status, a form of social justice. * Economic inequality Law * Equality before the law, the principle under which all people are subject to the same laws * Equality Act (other), several pieces of legislation Mathematics and logic * Equality (mathematics), the relationship between expressions that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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