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Simple Heuristics That Make Us Smart

Author

Listed:
  • Gigerenzer, Gerd
  • Todd, Peter M.

    (both at the Max Planck Institute for Psychological Research)

  • ABC Research Group,

    (Max Planck Institute for Human Development)

Abstract

Simple Heuristics That Make Us Smart invites readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional views of rationality tend to see decision makers as possessing superhuman powers of reason, limitless knowledge, and all of eternity in which to ponder choices. To understand decisions in the real world, we need a different, more psychologically plausible notion of rationality, and this book provides it. It is about fast and frugal heuristics--simple rules for making decisions when time is pressing and deep thought an unaffordable luxury. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? Can judgments based simply on one good reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? Simple Heuristics explores these questions, developing computational models of heuristics and testing them through experiments and analyses. It shows how fast and frugal heuristics can produce adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop out rates, and playing the stock market. As an interdisciplinary work that is both useful and engaging, this book will appeal to a wide audience. It is ideal for researchers in cognitive psychology, evolutionary psychology, and cognitive science, as well as in economics and artificial intelligence. It will also inspire anyone interested in simply making good decisions. Available in OSO:

Suggested Citation

  • Gigerenzer, Gerd & Todd, Peter M. & ABC Research Group,, 2000. "Simple Heuristics That Make Us Smart," OUP Catalogue, Oxford University Press, number 9780195143812.
  • Handle: RePEc:oxp:obooks:9780195143812
    as

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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Post hoc, ergo propter hoc?
      by Steve Cecchetti and Kim Schoenholtz in Money, Banking and Financial Markets on 2014-08-25 17:24:22

    Citations

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    Cited by:

    1. Julian N. Marewski & Rudiger F. Pohl & Oliver Vitouch, 2011. "Recognition-based judgments and decisions: What we have learned (so far)," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(5), pages 359-380, July.
    2. Joanna Bryson, 2008. "Embodiment versus memetics," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 7(1), pages 77-94, June.
    3. Thomas Dudey & Peter Todd, 2001. "Making Good Decisions with Minimal Information: Simultaneous and Sequential Choice," Journal of Bioeconomics, Springer, vol. 3(2), pages 195-215, May.
    4. Todd, Peter M., 2007. "How much information do we need?," European Journal of Operational Research, Elsevier, vol. 177(3), pages 1317-1332, March.
    5. Simona Cicognani & Anna D’Ambrosio & Werner Güth & Simone Pfuderer & Matteo Ploner, 2015. "Community projects: an experimental analysis of a fair implementation process," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 44(1), pages 109-132, January.
    6. Todd, Peter M. & Gigerenzer, Gerd, 2003. "Bounding rationality to the world," Journal of Economic Psychology, Elsevier, vol. 24(2), pages 143-165, April.
    7. Magni, Carlo Alberto, 2007. "Investment decisions, equivalent risk and bounded rationality," MPRA Paper 6073, University Library of Munich, Germany.
    8. Dietrich, Franz & List, Christian, 2016. "Mentalism Versus Behaviourism In Economics: A Philosophy-Of-Science Perspective," Economics and Philosophy, Cambridge University Press, vol. 32(02), pages 249-281, July.
    9. Christopher B. Bingham & Kathleen M. Eisenhardt, 2014. "Response to Vuori and Vuori's commentary on “Heuristics in the strategy context”," Strategic Management Journal, Wiley Blackwell, vol. 35(11), pages 1698-1702, November.
    10. repec:wly:econjl:v:127:y:2017:i:602:p:1047-1068 is not listed on IDEAS
    11. Schipper, Burkhard C., 2008. "On An Evolutionary Foundation Of Neuroeconomics," Economics and Philosophy, Cambridge University Press, vol. 24(03), pages 495-513, November.
    12. Yaakov Kareev & Klaus Fiedler, 2004. "Does Decision Quality (Always) Increase with the Size of Information Samples? Some Vicissitudes in Applying the Law of Large Numbers," Discussion Paper Series dp347, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
    13. Laura Martignon & Ulrich Hoffrage, 2002. "Fast, frugal, and fit: Simple heuristics for paired comparison," Theory and Decision, Springer, vol. 52(1), pages 29-71, February.
    14. Matt Statler & David Oliver, 2016. "The Moral of the Story: Re-framing Ethical Codes of Conduct as Narrative Processes," Journal of Business Ethics, Springer, vol. 136(1), pages 89-100, June.
    15. Francesco GUALA & Antonio FILIPPIN, 2013. "The Effect of Group Identity on Distributive Choice: Social Preference or Heuristic?," Departmental Working Papers 2013-19, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    16. Robin Hogarth & Natalia Karelaia, 2006. "“Take-the-Bestâ€\x9D and Other Simple Strategies: Why and When they Work “Wellâ€\x9D with Binary Cues," Theory and Decision, Springer, vol. 61(3), pages 205-249, November.
    17. Haug, Espen Gaarder & Taleb, Nassim Nicholas, 2011. "Option traders use (very) sophisticated heuristics, never the Black-Scholes-Merton formula," Journal of Economic Behavior & Organization, Elsevier, vol. 77(2), pages 97-106, February.
    18. Roberto Casarin & Flaminio Squazzoni, 2012. "Financial press and stock markets in times of crisis," Working Papers 2012_04, Department of Economics, University of Venice "Ca' Foscari".
    19. Andersson, Patric & Ekman, Mattias & Edman, Jan, 2003. "Forecasting the fast and frugal way: A study of performance and information-processing strategies of experts and non-experts when predicting the World Cup 2002 in soccer," SSE/EFI Working Paper Series in Business Administration 2003:9, Stockholm School of Economics.

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