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SUMMARY:Economic irrationality is optimal during noisy decision-making - K
 onstantinos Tsetsos\, Birkbeck\, University of London
DTSTART:20160307T141500Z
DTEND:20160307T151500Z
UID:TALK63992@talks.cam.ac.uk
CONTACT:Paula Kaanders
DESCRIPTION:Humans violate rational choice theory systematically but why t
 he do so remains unclear. I will present a mechanistic model\, dubbed sele
 ctive integration\, according to which economic irrationality stems from a
 n early bottleneck that dampens the gain of processing of weaker inputs. T
 his bottleneck\, asides from leading to violations of rationality\, can nu
 llify the influence of late noise arising beyond the sensory stage. I will
  present empirical results confirming this ameliorative role of selective 
 integration. These results suggest that economic irrationality does not re
 flect the limits of human information processing (as it has been widely ar
 gued) but is rather an adaptation in response to noise during neural infor
 mation processing.
LOCATION:Kenneth Craik Room\, Craik Marshall Building\, Downing Site\, Cam
 bridge
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