One-Reason Decision Making

Details

Serval ID
serval:BIB_DD3D517C0819
Type
A part of a book
Publication sub-type
Chapter: chapter ou part
Collection
Publications
Institution
Title
One-Reason Decision Making
Title of the book
Handbook of Experimental Economics Results
Author(s)
Gigerenzer G., Martignon L., Hoffrage U., Rieskamp J., Czerlinski J., Goldstein D.
Publisher
North Holland/Elsevier Press
Address of publication
Amsterdam, Netherlands
ISBN
978-0-444-82642-8
Publication state
Published
Issued date
2008
Editor
Plott C. R., Smith V. L.
Volume
1
Pages
1004-1017
Language
english
Abstract
"One-reason decision making" is a label for a class of fast and frugal heuristics that base decisions on only one reason. These heuristics do not attempt to optimally fit parameters to a given environment; rather, they have simple structural features and "bet" that the environment will fit them. By not attempting to optimize, these heuristics can save time and computations, and demand only little knowledge concerning a situation. Models of one-reason decision making have been designed for various tasks, including choice, numerical estimation, and classification. This chapter focuses on two of these heuristics, "Take The Best" and Minimalist, and compare their performance with that of standard statistical strategies that weigh and combine many reasons, such as multiple regression. Contrary to common intuition, more reasons are not always better.
Create date
24/02/2009 15:34
Last modification date
20/08/2019 17:02
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