Objective
The research project Bounded Rationality under Uncertainty deals with decision theory under uncertainty an is located at the frontier between formal philosophy, theoretical economics and applied logic. The Bayesian orthodoxy in choice under uncertainty, axiomatized by L. Savage in the fifties, is currently disputed by two very different research strands : the bounded rationality program which stresses the crucial role of cognitive limitations in choice, and the Non-Expected Utility (NEU) models like those based on non-additive probabilities (Schmeidler, 1989) that try to improve behaviorally the Bayesian model. Unfortunately, there is no unification between these two research strands : usually, the boundedly rational choice models deal with choice under certainty and the NEU models abstracts from cognitive limitations in the same way that the Bayesian model does. Our general research objective is to build a bridge between these two strands of research and construct models that take cognitive and informational limitations into account. As bounded rationality manifests itself in numerous ways, one can study it with different methods. Our project will (i) focus on one type of cognitive limitations, imperfect reasoning abilities (failures of logical omniscience) and (ii) favor one general method, the axiomatic method ,that is much used in the NEU field but much less in the bounded rationality tradition. To achieve such a general objective, we will adopt a syntactic and logic-based approach and import from philosophical logic (more precisely from epistemic logic) a modeling technique known under the name of impossible worlds. This technique allows oneself to represent cognitive limitations ; we will use it to devise a boundedly rational choice model under uncertainty and provide of this model an axiomatization in termes of agent’s preferences.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- social sciences economics and business economics
- humanities philosophy, ethics and religion philosophy
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Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
FP7-PEOPLE-2007-2-1-IEF
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Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Coordinator
5037 AB Tilburg
Netherlands
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.