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CATEGORIES:Machine Learning @ CUED
SUMMARY:Thermodynamics as a Theory of Decision-Making with
Information Processing Costs - Pedro Ortega (Max
Planck Institute for Intelligent Systems)
DTSTART;TZID=Europe/London:20120803T140000
DTEND;TZID=Europe/London:20120803T150000
UID:TALK39128AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/39128
DESCRIPTION:Perfectly rational decision-makers maximize expect
ed utility\, but crucially ignore the resource cos
ts incurred when determining optimal actions. Here
we propose an information-theoretic formalization
of bounded rational decision-making where decisio
n-makers trade off expected utility and informatio
n processing costs. As a result\, the decision-mak
ing problem can be rephrased in terms of well-know
n concepts from thermodynamics and statistical phy
sics\, such that the same exponential family distr
ibutions that govern statistical ensembles can be
used to describe the stochastic choice behavior of
bounded decision-makers. Furthermore\, this fram
ework allows rederiving a number of decision-makin
g schemes including risk-sensitive and robust (min
imax) decision-making as well as more recent appro
ximately optimal schemes that are based on the rel
ative entropy. In the limit when resource costs ar
e ignored\, the maximum expected utility principle
is recovered. Since most of the mathematical mach
inery can be borrowed from statistical physics\, t
he main contribution is to show how a thermodynami
c model of bounded rationality can provide a unifi
ed view of diverse decision-making phenomena.
LOCATION:Engineering Department\, CBL Room BE-438
CONTACT:Zoubin Ghahramani
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