Kusev, Petko and van Schaik, Paul (2013) The cognitive economy: The probabilistic turn in psychology and human cognition. Behavioral and Brain Sciences, 36 (3). pp. 294-295. ISSN 0140-525X

According to the foundations of economic theory, agents have stable and coherent “global” preferences that guide their choices among alternatives. However, people are constrained by information-processing and memory limitations and hence have a propensity to avoid cognitive load. We propose that this in turn will encourage them to respond to “local” preferences and goals influenced by context and memory representations.

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