Rationalists are very aware of “rationalism” as a different body of thought from ours that frustratingly has a similar name. I know it’s confusing & I’m sorry! But blame decision science, not us - they chose to use the word rational for utility maximization, & we followed suit
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I’d be much happier with “bounded inferential power,” which is (importantly) all we have. That phrase doesn’t tend to suggest that there’s a Correct Rationality that we’re trying to approximate.
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We would say that limited inferential power is part of WHY we can only ever achieve bounded rationality. But yeah we are using a normative standard.
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I think basically everyone agrees it's hard to know exactly what perfect bounded rationality would look like. We just strongly suspect this is a problem ppl can make at least *some* useful progress on if they try.
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I’m happy with “better” and unhappy with “more nearly perfect.” Maybe this is just nitpicking words! I think it does tend to suggest quite different approaches, though. (In which case, not just nitpicking.)
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