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Roko comments on Fundamentally Flawed, or Fast and Frugal? - Less Wrong
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Well, it may be that this ideal algorithm you're looking for is NP-hard, and thus cannot ever be executed in a short amount of time over a non-trivial problem space. Have you considered the possibility that this bounded rationality model is algorithm X?
Computing time is a resource, so "optimal algorithm for decision-making given the resources... we have" rules out impractical algorithms.