Psychology, Department of


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From: Animal Thinking: Contemporary Issues in Comparative Cognition, ed. Randolf Menzel & Julia Fischer (Cambridge, MA & London: The MIT Press, 2011), pp 93-104.


Copyright (c) 2011 MIT & the Frankfurt Institute for Advanced Studies


Evolutionary and psychological perspectives on decision making remain largely separate endeavors. The bounded rationality approach integrates these two perspectives by focusing on simple, plausible mechanisms of decision making and the cognitive capacities needed to implement these mechanisms. Decisions about the future provide a class of decisions that lend themselves to a bounded rationality approach. Though many different mechanisms may exist for making decisions about the future, only a subset of these mechanisms actually require a representation of the future. The bounded rationality approach helps focus on the cognitive capacities and decision mechanisms that are necessary for a full understanding of decision making about the future.

Volume bibliography attached (below) as an additional file.