A part of a book.
Heuristics: fast and frugal
Title of the book
Encyclopedia of Statistics in Behavioral Science
Address of publication
Everitt B. C., Howell D. C.
Fast and frugal heuristics can be used to make cue-based inferences about an uncertain world. They are models of bounded rationality in the sense that they continue to yield a good performance even under conditions of limited time, limited knowledge, and limited computational complexity. They are specified in terms of search rules, stopping rules, and decision rules. They are robust and can outperform more complex strategies, because and not in spite of their simplicity.
Heuristic, Bounded rationality, Ecological rationality, Recognition heuristic, Lexicographic strategies, Take The Best
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