@inproceedings{382ac4b5c91244c58d6d0f5faee08b97,

title = "An automatic method for discovering rational heuristics for risky choice",

abstract = "What is the optimal way to make a decision given that your time is limited and your cognitive resources are bounded? To answer this question, we formalized the bounded optimal decision process as the solution to a meta-level Markov decision process whose actions are costly computations. We approximated the optimal solution and evaluated its predictions against human choice behavior in the Mouselab paradigm, which is widely used to study decision strategies. Our computational method rediscovered well-known heuristic strategies and the conditions under which they are used, as well as novel heuristics. A Mouselab experiment confirmed our model's main predictions. These findings are a proof-of-concept that optimal cognitive strategies can be automatically derived as the rational use of finite time and bounded cognitive resources.",

keywords = "Bounded Rationality, Decision-Making, Heuristics, Rational Metareasoning, Strategy Selection",

author = "Falk Lieder and Krueger, {Paul M.} and Griffiths, {Thomas L.}",

note = "Publisher Copyright: {\textcopyright} CogSci 2017.; 39th Annual Meeting of the Cognitive Science Society: Computational Foundations of Cognition, CogSci 2017 ; Conference date: 26-07-2017 Through 29-07-2017",

year = "2017",

language = "English (US)",

series = "CogSci 2017 - Proceedings of the 39th Annual Meeting of the Cognitive Science Society: Computational Foundations of Cognition",

publisher = "The Cognitive Science Society",

pages = "742--747",

booktitle = "CogSci 2017 - Proceedings of the 39th Annual Meeting of the Cognitive Science Society",

}