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Andrew Lo on "bounded rationality" - Clarendon Lectures 13th June 2013

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In the second of his lectures for Saïd Business School, Andrew Lo uses research from the fields of biology and neuroscience to explore "bounded rationality," i.e. processes and limitations of human decision-making. He refers to neuro-scientific research into split brain patients to show how different parts of the brain interact to form decision-making processes. He shows how we use the left part of our brain to create "narratives" that explain decision-making processes taking place in the right brain, demonstrating how human beings will choose the narrative that confers the best advantage in terms of survival via natural selection. His lecture provides an interesting insight into the potential limitations of complex economic decision-making.

the fields

Andrew Lo on "bounded rationality" - Clarendon Lectures 13th June 2013

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