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Information, Utility and Bounded Rationality

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Part of the book series: Lecture Notes in Computer Science ((LNAI,volume 6830))

Abstract

Perfectly rational decision-makers maximize expected utility, but crucially ignore the resource costs incurred when determining optimal actions. Here we employ an axiomatic framework for bounded rational decision-making based on a thermodynamic interpretation of resource costs as information costs. This leads to a variational “free utility” principle akin to thermodynamical free energy that trades off utility and information costs. We show that bounded optimal control solutions can be derived from this variational principle, which leads in general to stochastic policies. Furthermore, we show that risk-sensitive and robust (minimax) control schemes fall out naturally from this framework if the environment is considered as a bounded rational and perfectly rational opponent, respectively. When resource costs are ignored, the maximum expected utility principle is recovered.

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© 2011 Springer-Verlag Berlin Heidelberg

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Ortega, D.A., Braun, P.A. (2011). Information, Utility and Bounded Rationality. In: Schmidhuber, J., Thórisson, K.R., Looks, M. (eds) Artificial General Intelligence. AGI 2011. Lecture Notes in Computer Science(), vol 6830. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-22887-2_28

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  • DOI: https://doi.org/10.1007/978-3-642-22887-2_28

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-22886-5

  • Online ISBN: 978-3-642-22887-2

  • eBook Packages: Computer ScienceComputer Science (R0)

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