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Recent years have seen an explosion of research that integrates cognitive psychology, neuroscience, and behavioral economics, culminating in what has been termed the "cognitive turn'' (Enke, 2024). These papers emphasize understanding the cognitive mechanisms underpinning economic behavior, including information processing, memory retrieval, and noise in perception. Thus, instead of trying to find the right utility function to explain some behavioral "anomaly", the focus has shifted to providing unifying explanations, based on more foundational cognitive mechanisms. As such, the field seems to return to its origins in "bounded rationality'" (Simon, 1956). By exploring this body of work in the upcoming reading group, we aim to familiarize ourselves with the recent developments and potentially identify ways to contribute. The plan is to cover the following papers (in that order):
1. Cognitive Uncertainty, Enke, Benjamin, and Thomas Graeber (2024). Cognitive Uncertainty. Working Paper.
2. Efficient Coding and Risky Choice, Frydman, Cary, and Lawrence Jin (2022). "Efficient Coding and Risky Choice." Quarterly Journal of Economics, 137(1), 161–213.
3. Memory and Probability, Bordalo, Pedro, Nicola Gennaioli, and Andrei Shleifer (2023). "Memory and Probability." Quarterly Journal of Economics, 138(1), 265–311.
4. Behavioral Attenuation, Enke, Benjamin, Thomas Graeber, Ryan Oprea, and Jeffrey Yang (2024). Behavioral Attenuation. Working Paper.
5. Choice Lists and Standard Patterns of Risk-Taking, Bouchouicha, R., R. O. F. M. Vieider, and J. Wu (2024). Is Prospect Theory Really a Theory of Choice? Working Paper.
6. Simplicity in Decision-Making, Oprea, Ryan (2024). "Decisions under Risk Are Decisions under Complexity." American Economic Review, 114(11), 3789–3811.
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