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Common Sense, Reasoning, and Rationality$
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Renee Elio

Print publication date: 2002

Print ISBN-13: 9780195147667

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0195147669.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 August 2019

How Good Are Fast and Frugal Heuristics?

How Good Are Fast and Frugal Heuristics?

Chapter:
(p.148) 8 How Good Are Fast and Frugal Heuristics?
Source:
Common Sense, Reasoning, and Rationality
Author(s):

Gerd Gigerenzer (Contributor Webpage)

Jean Czerlinski

Laura Martignon

Publisher:
Oxford University Press
DOI:10.1093/0195147669.003.0008

This chapter argues that models of reasonable and rational judgment should look outside the mind to the structure of the environment in which the mind must operate. The everyday world presents reasoners with finite computational resources and limited time to solve problems for which there is often scarce and uncertain information. Problem-solving heuristics that are fast and frugal would seem particularly effective in such environments. Using several real-world data sets, it is shown in this chapter that certain fast and frugal heuristics performed nearly as accurately as and sometimes better than optimality methods (such as decision models that employ linear and multiple regression techniques). Such heuristics are ecologically valid satisficing strategies, that is, information-processing strategies that are effective for the real-world environment in which people must render most of their decisions.

Keywords:   metareasoning, judgement, heuristics, information processing, problem-solving

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