Bounded Rationality:”Models of bounded rationality”- By Ozgur SIMSEK, at Max Planck Institute for Human Development in Berlin, Germany


Prof. Ozgur Simsek works at the Center for Adaptive Behavior and Cognition at the Max Planck Institute for Human Development in Berlin, Germany. Her session was about the “Models of bounded rationality” which provided an insightful introduction of paired comparison worth two prominent families of heuristics, lexicographic and tallying. The interaction during the session brought greater clarity and understanding the concepts of cue order and cue direction that advanced the discussion in predicting correct answer.

The usage of graphical representation helped us to know the best decision with better predictive accuracy. Then, we learned about the usage of single cue for prediction which requires identity and direction of the cue as an important component for prediction.

At last, the session was being summarized by a participant Arti Sharma, Doctoral Students, IIM Indore through a poem which is as follows:

I was the guest of Heuristics family,

The invitation said, “Reach by 9:30 am”

Rushing up with breakfast, I reached in time,

Met Heuristics and his family, standing all in a line,

Ozgur introduced me to

Lexicographic and tallying

Hi! , Hello!  And all the normal talks,

“Will it rain today?” Suddenly the question popped

Cue order, cue direction,

Paired comparison and single cue,

All assembled at once,

I looked outside, bright sun, a single glance,

No! Came the answer in a quick instance.

With this, on the behalf of all the participants, I extend my sincere thanks to Professor Ozgur for this talk.


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