Bounded epistemic rationality
Developments in behavioral economics and decision theory have led to a gradual loosening of norms for rational judgment and choice. The resulting notion of bounded rationality will, it is hoped, be more appropriate for creatures with cognitive and computational capacities like our own. My research focuses on boundedly rational norms for judgment. I argue that assessments of bounded rationality play important, but separate, functional roles from traditional unbounded normative assessments. Hence bounded rationality should be viewed as complimentary to, rather than competing with traditional normative paradigms. I use this functional characterization of bounded epistemic rationality to derive characteristic features of boundedly rational norms, and to advocate a new requirement of bounded rationality: appropriate metacognitive control. I then apply my account of bounded epistemic rationality to recent discussions of imprecise Bayesianism, norms of inquiry and suspension of judgment.