Computable Approaches to Rational Choice and Decision-Making Seo, Hyunjin Thorson, Stuart 2020-12-24T19:16:09Z 2020-12-24T19:16:09Z 2021-01-05
dc.description.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.
dc.format.extent 10 pages
dc.identifier.doi 10.24251/HICSS.2021.171
dc.identifier.isbn 978-0-9981331-4-0
dc.language.iso English
dc.relation.ispartof Proceedings of the 54th Hawaii International Conference on System Sciences
dc.rights Attribution-NonCommercial-NoDerivatives 4.0 International
dc.subject Intelligent Decision Support for Logistics and Supply Chain Management
dc.subject algorithmic complexity
dc.subject axiomatic theories
dc.subject computability
dc.subject decision-making
dc.subject rational choice
dc.title Computable Approaches to Rational Choice and Decision-Making
prism.startingpage 1415
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