The Cognitive Economy: The Probabilistic Turn in Psychology and Human Cognition

Petko Kusev, Paul van Schaik

Research output: Contribution to journalArticle

Abstract

According to the foundations of economic theory, agents have stable and coherent "global" preferences that guide their choices among alternatives. However, people are constrained by information-processing and memory limitations and hence have a propensity to avoid cognitive load. We propose that this in turn will encourage them to respond to "local" preferences and goals influenced by context and memory representations.
Original languageEnglish
Pages (from-to)294-295
Number of pages2
JournalBehavioral and Brain Sciences
Volume36
Issue number3
Early online date14 May 2013
DOIs
Publication statusPublished - Jun 2013
Externally publishedYes

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