“Efficiently Irrational”

Connecting findings across disciplines suggests that observed choice behavior reflects a precise optimization of the trade-off between the costs of increasing the choice mechanism’s precision and the declining benefits that come as precision increases. Under these constraints a rationally imprecise strategy emerges which works towards optimal efficiency, rather than towards optimal rationality. This approach rationalizes many of the puzzling inconsistencies of human choice behavior, explaining why these inconsistencies arise as an optimizing solution in biological choosers.

Paul Glimcher, PhD
Julius Silver Professor of Neural Science.
Professor of Neuroscience and Physiology.
Professor of Psychology and Economics.
NYU School of Medicine.

In person: CABM, Room 010, Busch Campus, Piscataway

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