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Advantages of Cognitive Limitations

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  • Yaakov Kareev

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Abstract

Being a product of evolutionary pressures, it would not be surprising to find that what seems to be a limitation of the cognitive system is actually a fine-tuned compromise between a set of competing needs. This thesis is demonstrated using the case of the limited capacity of short-term memory, which is often regarded as the prime example of a cognitive limitation.

Suggested Citation

  • Yaakov Kareev, 2012. "Advantages of Cognitive Limitations," Discussion Paper Series dp611, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
  • Handle: RePEc:huj:dispap:dp611
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    File URL: http://ratio.huji.ac.il/sites/default/files/publications/dp611.pdf
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    1. Schlag, Karl H., 1999. "Which one should I imitate?," Journal of Mathematical Economics, Elsevier, vol. 31(4), pages 493-522, May.
    2. Sandholm, William H., 1998. "Simple and clever decision rules for a model of evolution," Economics Letters, Elsevier, vol. 61(2), pages 165-170, November.
    3. Antonio Morales, 2003. "Absolutely expedient imitative behavior," International Journal of Game Theory, Springer;Game Theory Society, vol. 31(4), pages 475-492, September.
    4. Reinhard Selten & Thorsten Chmura, 2008. "Stationary Concepts for Experimental 2x2-Games," American Economic Review, American Economic Association, vol. 98(3), pages 938-966, June.
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