How do language models "think"? This paper formulates a probabilistic cognitive model called the bounded pragmatic speaker, which can characterize the operation of different variations of language models. Specifically, we demonstrate that large language models fine-tuned with reinforcement learning from human feedback (Ouyang et al., 2022) embody a model of thought that conceptually resembles a fast-and-slow model (Kahneman, 2011), which psychologists have attributed to humans. We discuss the limitations of reinforcement learning from human feedback as a fast-and-slow model of thought and propose avenues for expanding this framework. In essence, our research highlights the value of adopting a cognitive probabilistic modeling approach to gain insights into the comprehension, evaluation, and advancement of language models.
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