This post is by Predrag Teovanović (pictured above), graduate student at the University of Belgrade. In this post he summarises his recent paper ‘ Individual Differences in Cognitive Biases: Evidence Against One-Factor Theory of Rationality ’, co-authored with Goran Knežević and Lazar Stankov, published in Intelligence. If there is a minimal definition of rational behavior, it can be found here . From the normative standpoint, rational behaviour is hard (if not impossible) to maintain all the time. Hence, we satisfice by trying to optimize the boundaries of bounded rationality at the intersection of our own resources (time, information, money, and cognitive capacities) and environmental demands. Cognitive biases (CBs) emerge in that junction. Since what defines rational behaviour depends on both environment and organism, and since specific CBs arise in different environments - it is reasonable not to expect from CBs to be highly related to individual differences ...
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