A Categorical Model of Cognition and Biased Decision Making

@article{Fryer2008ACM,
  title={A Categorical Model of Cognition and Biased Decision Making},
  author={Roland G. Fryer and M. Jackson},
  journal={The B.E. Journal of Theoretical Economics},
  year={2008},
  volume={8}
}
There is a wealth of research demonstrating that agents process information with the aid of categories. In this paper we study this phenomenon in two parts. First, we build a model of how experiences are sorted into categories and how categorization affects decision making. Second, in a series of results that partly characterize an optimal categorization, we show that specific biases emerge from categorization. For instance, types of experiences and objects that are less frequent in the… Expand
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