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Computable Approaches to Rational Choice and Decision-Making

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Title:Computable Approaches to Rational Choice and Decision-Making
Authors:Seo, Hyunjin
Thorson, Stuart
Keywords:Intelligent Decision Support for Logistics and Supply Chain Management
algorithmic complexity
axiomatic theories
computability
decision-making
show 1 morerational choice
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Date Issued:05 Jan 2021
Abstract:The capacity of agents to act rationally, that is to make choices that positively reflect their interests, is a core assumption underlying democratic governance systems, microeconomics, decision science, market driven economies, and many agent based modeling efforts. In this paper we investigate axiomatic theories of rational choice from the perspective of computability. Using algorithmic complexity, we show highly general conditions under which no effective procedure can exist enabling these theories to identify sequences of choices as random. While axiomatic theories of rational choice yield powerful descriptions of choice behavior, this power comes at the expense of axioms which can be brittle with regard to computability limits.
Pages/Duration:10 pages
URI:http://hdl.handle.net/10125/70783
ISBN:978-0-9981331-4-0
DOI:10.24251/HICSS.2021.171
Rights:Attribution-NonCommercial-NoDerivatives 4.0 International
https://creativecommons.org/licenses/by-nc-nd/4.0/
Appears in Collections: Intelligent Decision Support for Logistics and Supply Chain Management


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