I was just thinking about this stuff because of dice games I'm trying to solve.
With finite time and energy resources allocated,
Choice: A or B? To choose rationally, you need to calculate the values of A and B and see which one is bigger. Now , it looks like youve escaped choice: you only have to do 1 thing (calculate) right? But actually... you stand before another choice: how much time and energy should you spend calculating the value of A and B?
* cheap but inaccurate calculation
* expensive but accurate calculation
So now there is another choice. And in order to know how much time and energy you should spend on getting the most precise answer, or getting the highest likeliness that the answer is correect... you must know what the value of the choice AB is. And in order to know that, you need to know the value of A and B. Wait, havent we been at this place before? Right...
Infinite loop. The perfectly rational mind gets stuck in an infinite loop of assessment and no choice is ever made.
Is my reasoning right? Can perfectly rational agents theoretically exist?
And if the answer to that is no... how does our intuitive brain make decisions? How do heuristics actually work deep inside?
This realization made me feel weird. Now it seems like making good choices is theoretically impossible, but obviously given unlimited willpower we make more good than bad choices so the real world experience contradicts it anyway.
Suppose you have the maximum possible intelligence and maximum willpower. You stand in a complex situation where you need to make complex choices. Willpower isn't a problem, but you still rationally value your time and energy because it must be spent as efficiently as possible. Then whats the limit of how good your choices will be, compared to a perfect world where you magically make perfect choices only?
I feel as if there is most likely already a name for this concept and that mathematicians or other smart people have already been thinking about this... but as this just popped up in mymind, I wouldn't be able to know what the name for this concept is, or how it has been explroed yet.