Bounded rationality and cognitive development: Upper limits on growth?

Abstract Piaget's characterization of formal operational thought and human judgment psychologists' model of bounded rationality are considered as two conflicting models dealing with the same domain of interest: the nature and limits of mature thought. Piaget's suggestion that the formal operational thinker brings the skills of hypothetico-deductive logic to deal adequately with environmental complexity is in sharp contrast with judgment psychologists' evidence that information-processing limitations and faulty reasoning leave decision makers poorly equipped to deal with their decision environments. While the two approaches have generated conflicting models, a look at the respective data bases demonstrates their complementarity. Considered together, the literatures in formal operations and bounded rationality make a formidable contribution to understanding the capacities and limits of mature cognition.

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