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.
LanguageEnglish
Pages294-295
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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Cognition
Psychology
Automatic Data Processing
Economics

Cite this

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The Cognitive Economy : The Probabilistic Turn in Psychology and Human Cognition. / Kusev, Petko; van Schaik, Paul.

In: Behavioral and Brain Sciences, Vol. 36, No. 3, 06.2013, p. 294-295.

Research output: Contribution to journalArticle

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